Intellectual Property Value – A Corporate View
As the economy transitions from being industry-based to knowledge- and information-based, Intellectual Property (IP) becomes an increasingly important asset in modern companies. Indeed, the importance of protecting intangible assets such as patents, trademarks and software, is growing at the same rate as the difficulty of doing so. In an economy where research and development is an increasingly valuable and highly prioritised department, IP protection is now vital, not only to succeed, but to survive.
Corporate boards are advised to assess their IPR risk levels on a regular basis and to put in place a structure for how this risk is to be managed. IP protection should be examined from several different angles: operational security, corporate strategy, and executive qualifications.
The operational aspect of IP protection refers to the actual work of supervising and controlling the company’s patents and other invisible assets. Everyone should be informed about whose responsibility it is to do what, and under which department it falls to carry out certain operations.
IP protection should be entirely integrated in a company’s corporate strategy. As previously mentioned, this should be a top priority which should be reviewed and revised continuously.
Lastly, a company’s executives and decision makers should be informed and qualified to make important decisions regarding the firm’s IP protection strategy. Shareholders may also need to be educated on the topic in order to achieve cohesion and understanding on the topic. If everyone is on board, the road to effective IP protection will be quicker and more successful.