A company can use intellectual property rights and develope an IP Strategy to gain and sustain competitive advantage. How the production and exchange of technology differs from more traditional economic goods? How can we get an early warning of IP conflicts? What options do IP rights offer as against the advantages enjoyed by the competitors? Do we have the tools and IP strategies for creating and leveraging our IP Portfolio? Do employer policies and IP strategy affect incentives to discover new commercially valuable technologies? There are many things we can't control in a business but we can control intellectual property.
Success has been driven by the development of intellectual property for many companies. Information dissemination is rapid today calling for greater protection of ideas. People are now aware of the importance of intellectual property law and trade secrets law. We can carry out extensive patent searches in other countries so we don't reinvent the wheel. We don't need to copy patents that already exist. Competitors' patents also provides invaluable marketing knowledge.
IP includes intangible assets of a company. IP is one of
the strong driving forces behind the successful growth of a company. A company could
register a patent only in the specific countries where it will be doing business.
Knowledge is now the principal economic asset and its management have become the key areas
of corporate strategy.
Globalization and the use of IPRs and strategies in the US, EU, Japan and China and the protection of IP in specific industry groups provides the strategy perspective in a globalized world. Accounting and integration of the value of IP portfolios into corporate financial strategies is gaining importance.
Patenting and use of other IP instruments has more to do with their usefulness in corporate strategies, blocking competition and providing bargaining chips for cross-licensing.
Rajrathnam V P, Attorney/Advocate and IPR Consultant - firstname.lastname@example.org