The importance and value of intellectual property will vary widely from business to business. It is clear that in this new millennium, successful businesses will be affording intellectual property far greater attention than they have in the past. Some sources have projected that, in the next decade, corporate intellectual property management will take on an importance similar to that of quality management in the 1980s.Challenges and Opportunities
- Quickly capitalize on new technologies:
The increasing cost of product development, coupled with shortening product life cycles means that technology dependent businesses are faced with the challenge of quickly capitalizing on new technologies and products.
- Using technology for competitive advantage:
Businesses which effectively foster innovation and new technology development, and which have a system to deal with all aspects of intellectual property management, will have competitive business advantage and be positioned to grow and prosper.
- Global business participation:
Licensing can be a powerful vehicle for global business participation and can serve as a valuable business option to generate revenue and earnings in markets which would otherwise be inaccessible.
- Maximizing profits from technology
Identification of diversified applications for existing technologies can create new sources of earnings.