Work Book: Intellectual Property Management
This chapter has provided an overview of the nature of IP and how it is protected and valued. A key issue in successful commercialisation of innovation is the identification, ownership and protection of creative output and proprietary knowledge. IP can be formally registered (e.g. patents, trademarks) or automatically assigned upon creation (e.g. copyright). The formal registration of IP provides the recognition of rights, but does not of itself provide legal protection. An IP strategy needs to be created that serves to protect IP and foster its development from intellectual capital, through intellectual assets to IP. It is important to register IP assets within a business via an IP portfolio, to place a valuation on these, and to make strategic decisions as to whether to proceed with their commercialisation or not. Commercialisation is a high risk and costly process, and having a formal approach to its management as illustrated by the IDD framework can be beneficial.