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Patenting for Profits
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By Vinit Bhatia and Gib Carey
Summer 2007
Reprint 48409
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Volume 48, Number 4, pages 15-16, 2 pages
Primary Topic: Technology and Innovation
Secondary Topic: Corporate Strategy
SummaryManaging intellectual property rights used to be straightforward. A company produced great innovations, obtained as many patents as possible and exploited those patents in the marketplace. But the intellectual property world has changed argue the authors. Today, leading companies are focusing on securing only the essential protections they need to exploit their innovations. Most businesses, though, continue to pursue the old "more is better" strategy. In effect, they're flying blind when it comes to managing their IP portfolio. The authors identify three key areas where leading companies drive profits and effectively manage their intellectual property. First, they have a strong market focus, which provides them a clear sense of the "freedom of action." Second, the leaders can articulate how they will derive value from each potential patent and ruthlessly prune patents that cannot generate an attractive overall return. Finally, top-tier organizations hire only the best talent to lead their IP efforts. Following this blueprint will allow companies to successfully manage a more complicated IP landscape. |
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