IP Strategy, Greentech Ltd, Low Carbon Technology
Modern businesses cannot survive if they are unable to create, exploit, while at the same time ensure that Intellectual Property (IP) is protected; R&D efforts would be compromised, as well. In addition to the expertise provided by professionals, it is nowadays important for organizations to have an IP strategy, or an IP portfolio management process that is aligned to their business processes (Shultz 1996). A clear Intellectual Property Strategy is of significant importance as an organization seeks to develop and exploit partnerships with other organizations. In today's marketplace, IP is not an afterthought, but an issue at the management and the board level, since it has shareholder value consequences. The critical value of high quality IP strategies cannot be overlooked, since it has the capability of fostering innovation and giving an organization a competitive edge and advantage. Licensing of IP, at a time when companies are considering other technological and commercial models, can help protect a business from unnecessary lawsuits and legal battles, and provide an important source of revenue.
This paper offers Greentech Ltd, a low carbon technology, energy firm, advice with regard to the management of its Intellectual Property portfolio, and proposes an a high quality IP strategy the firm can rely on in the management of any future innovations, especially in the area of Low Carbon Technology. The proposed IP strategy is aimed at enabling Greentech Ltd to maximize its Research Division innovative outputs.
[...] Keep strategic discoveries a secret, as trade secrets, especially those that would be hard to keep track of and enforce if patented. Idle patents should be utilized, where appropriate to block competitor activities and invested in as part of a joint venture. Less valuable IP that are costly to sustain should be left to expire (Jaffe et al. 2003). A management system for Intellectual Property asses will be kept, at least capturing the nature of the IP, the ownership of the IP, and any rights that other parties have to exploit or use. [...]
[...] It is important for Greentech to ensure that all its employees with knowledge of or access to any trade secrets, should sign confidentiality contracts that can accord it additional legal protection. This will also ensure that employees who leave the company do not disclose or reveal any proprietary or trade secrets. Part III: Proposed IP Strategy In order to protecting any of its future innovations, from its employees and other parties, Greentech Ltd should rely on the following IP strategy “Patent all innovations that are in line with the company's strategy and only sustain those patents that yield strong returns. [...]
[...] The company shall regularly monitor the market to ensure that its IP assets are not violated, and where such infringements are detected, the IP portfolio or management system maintained by the company will be used in defence (Hogan 2005).” Reference List Barrett, W.A Building a strategy for total maximizing intellectual capacity property value. Nature publishing group. Available at: http://www.nature.com/bioent/building/ip/012005/full/bioent842.html [Accessed April 2013]. Chiarolla, C. & Matthews, D International Intellectual enhanced Property Strategy and Development, City of London. Colvin, C.A., The human dimension in IP valuation. Building IP Value. Available at: http://www.buildingipvalue.com/06US_Can/101_104.htm [Accessed March 30, 2013]. [...]
[...] Intellectual Property and Energy Technologies, Chatham House. Menton, S Placing overall IP management at the center of a business. City of Les Nouvelles, 39(September), pp.112–116. Palfrey, J Intellectual Property Strategy (MIT Press Essential Knowledge), Cambridge, MA: The MIT Press. [...]
[...] In this regard, it is important for Greentech Ltd to consider using a controlled licensing model in which it will ration the flow of licenses so as to cushion it from competition and limit expansion by its competitors (C. Chiarolla & Matthews 2009). As earlier noted, the firm patents all the outputs of its research and development department, even, those that are unable to yield substantial returns; this is not sustainable. The company should change its strategy and only patent those innovations that could yield substantial returns; otherwise it should opt for secrecy, ensure that such technological innovations-those that does not yield substantial returns-are kept as trade secrets. [...]
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