Intellectual property is a legal approach for protecting the ideas or inventions purposed for commercial benefits by providing its creators or inventors certain exclusive rights. Intellectual property rights enable businesses to obtain freedom of action for future inventions and their marketing while giving them a competitive edge over competitors. Until now, intellectual property was an area of interest only to inventors, corporate R&D personnel, and lawyers. But with increasing role of knowledge, particularly technical knowledge, intellectual property rights are becoming much more important in driving the economic growth and business success.
As IP activity will be increasingly global, it’s obvious for more and more companies across the world to globalize and protect their intellectual property assets while managing the innovation trend. And for commercial success, they need to align their IP rights with their business strategies. In 2018, we can expect these key three trends in the IP system.
Any business that has just started to experience some real growth needs to analyze the global marketplace when it comes to IP systems. Globalization simply means a company managing its IP portfolios across multiple jurisdictions at the same time. Globalization not only grows the demand for legal technology such as patent analytics and workflow software, but also increases merger and acquisition activity while bringing both commercial opportunity and intense competition. We can also expect smaller companies joining counterparts in other countries in order to share the knowledge and technology in a variety of domains. Keeping this trend in perspective, the Global Intellectual Property Center has been created by the U.S. Chamber of Commerce.
The trend of globalization can be well understood with the fact that a significant increase has been witnessed in overall patent filing internationally as revealed in the international patent filing service RWS inovia’s report “2017 Global Patent & IP Trends Indicator.”
With the development of more advanced technologies, protection of IP rights has now become the need of the hour for every business. This means more companies are expected to rely on the latest technology with a strategic focus on protecting their IP assets.
As continued development in innovations has led to increased patent filing worldwide, leading innovation markets are incorporating latest legal technology in the corporate world. So, the incorporation of holistic legal technology helps companies to more accurately assess the value and identify the commercialization opportunities of their IP portfolios across the globe. This trend is destined to prevail with more companies aiming to fully monetize their IP portfolios.
IP Portfolio Monetization
To match the increasing IP activity, many companies are focusing on protecting and monetizing IP rights as well as incorporating global best practices in order to increase their return on investment on IP assets. Companies’ reliance on the evolution of existing basic IP concepts in how they evaluate, protect and exploit their assets is the basis for competitive advantage. To deal with this fact, companies are adopting new approaches to IP management such as workflow management and process streamlining through the effective assessment and monetization of IP assets.
Another thing to notice is that a broad high-quality IP portfolio enables companies to stay competitive worldwide but it also leads to increase in licensing and litigation activities across the world. This trend is expected to continue as more companies are placing great emphasis on incremental refinements in their strategic approach in becoming global in their IP assets protection.
As more of the world economy is directly impacted by private decisions with greater uniformity among intellectual property systems around the world, it is believed that there is a lot to happen at the international level. The balancing of well-considered intellectual property systems and the globalization will serve the generation. After all it is the intellectual property protection policy of a company that will determine their participation in the world’s economic growth.