A competitive advantage, resulting in higher quality products and services, is essential to make profits, because it puts the customers in a position to be willing to pay more.
IP rights are crucial because, in addition to protecting the competitive advantage of products and services resulting from innovatory technology, creativity and branding strategy, they also have economic value. 
The value of any IP rights portfolio is the private economic value for the holder, in terms of future success, deriving from the exploitation of the same portfolio: it is only the specific usage that makes that success.
A business scenario is needed, and a valuation depends on the concrete business scenario of usage.