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Business Management Review | Monday, October 03, 2022
Growing trends in the development and application of intellectual property (IP) witnessed in recent years suggest an expanding role of technology and innovation in global economies and daily life.
FREMONT, CA: Trends account for increasing research interest in strategies for managing IP and potential opportunities for broadening the scope of IP value. Identifying the main research concepts and strategies for managing IP value is important. Using insights from the review provides a multi-level framework describing the dominant logic and key factors for managing IP value. The framework proposes a network-dominant logic for collaboration, which collects and generates collective IP value, and a risk-dominant logic for management, which evaluates and mitigates possible IP value loss.
The protection of intellectual property
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An IP patent provides exclusionary rights to protect the investment. Intellectual property protection methods are becoming more sophisticated, forcing companies to rethink their competitive intelligence and publishing processes. Patents, trade secrets, and defensive publications are common types of protection, but it's essential to consider which geographic regions in which intellectual property should be protected. A product's exclusive rights must also last its entire. IP protection strategies increasingly include defensive publishing. An invention becomes prior art when it is disclosed to the public, with a proven publication date and authenticity.
Optimizing processes
Managing intellectual property should be flexible enough to guide the organization through each innovation stage. Optimize the way to approach intangible assets with IP strategy, from R&D to patent portfolio management. An adequately designed IP budget and process allow allocating of resources confidently. Traditional patent search technologies and the size of patent databases can make comprehensive patent searches take days, if not weeks, to complete. Patent searches can be optimized, and actionable insights discovered more quickly by rethinking how the company conducts them. Optimizations like this foster more agile and competitive organizations and speed up decision-making.
Monetizing assets
The value ultimately measures the IP strategies they create for the organization. There is more to monetization than just getting products to market faster with exclusionary rights. Portfolio management also makes it easier to identify infringers and potential licensing partners. Strategically managing an IP portfolio can also assist companies in discovering opportunities in adjacent markets, or even entirely new markets, for new products and cross-licensing agreements.
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