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In its mission of creating a unique learning environment built upon ethics and values and enriched by the challenges of the Space Programme, IIST is keen to nurture the spirit of innovation and creativity and thereby promote academic and research activities to address space and societal needs at large. Along with supporting Indian Space programs to be in the forefront of ‘space race’ by training high quality manpower, IIST ascribe distinctive value to the so-called ‘invisible assets’ - such as know-how, designs, inventions, products, along with other ingenious and innovative merchandises emerging during its long march towards accomplishing its goals. Hence IIST deems it to be important to formulate and circulate its Intellectual Property Rights Policy Document among all the academic and non-academic staff, students, scholars, project fellows and external agencies on the practices, obligations and the rules of the Institute regarding intellectual property rights (IPR). In line with the conferred Deemed to be University status under Section 3 of the UGC Act 1956, the policy is expected to fulfil Institute’s commitment to endorse academic freedom and provide a conducive environment for research, innovation and advancement.