IMPORTANCE OF INTELLECTUAL PROPERTY MANAGEMENT.pptx

IPR

1. IMPORTANCE OF INTELLECTUAL PROPERTY MANAGEMENT

2. What is intellectual property management? Intellectual property (IP) management is a system that helps manage intangible products such as creations of the mind and human intellect. The intellectual property include patents, copyrights, trademarks, trade secrets, and geographical identifications. IPM is also essential in building a strategy dedicated to intellectual property and aligning that strategy with the organization’s overall product and growth goals.

3. Importance of intellectual property management Provides information about intellectual property to the general public. Establishes, monitors, and documents  IP ownerships and rights. Handles patent portfolios, infringement, piracy, and unauthorized use. Establishes non-disclosure policies. Helps to stay updated with competitors and their awards, infringements, and claims. Documents and prepares licensing and related contracts. Enables businesses to handle post-issuance proceedings.

4. Intellectual property management process  A functional intellectual property management process which identifies, protects, and retains the  intangible product  and its value.

5. 1.Develop an IP strategy A standard intellectual property strategy aims to protect, enforce, and manage assets. There are four basic IP strategies: Risk minimization -  used by businesses looking to avoid litigation. Cost reduction- maintains assets and their effectiveness while cutting unnecessary costs. Value approach -   profit from the direct use of intellectual property leverage this strategy. Tactical approach - nature and direction of IP-based competition and strategic patenting. 

6. 2.Implement a strategy for better decision-making Decision making must be implemented to clarify asset values and achieve desired outcomes. The intellectual management process will remain incomplete without the absolute visibility of the action items noted in the strategy. 3. Create frameworks and policies Formulate frameworks for setting up dedicated IP management teams, educating employees about intellectual property, and communicating the business IP policies and plans of action.  Develop structures for licenses, contracts, and related agreements.

7. 4. Administer and conduct negotiations Even though the IP process is no longer to the legal department,  legal service providers  still play an integral role in managing assets. Turn to experts and commercial partners who can administer relevant agreements and assist in conducting necessary negotiations. 5. Understand IP rights and infringements Intellectual property is essential to a business as it acts as a way to recognize, support, and promote the company’s products and culture. It is imperative to protect intangible ideas and assets to extract value and invest in innovation and creativity.

8. Intellectual property valuation IP assets are intangible, the process of IP valuation is necessary to be able to sell, license, or use the assets in the commercial space. Direct valuation:  The value of an intangible asset is directly derived from the IP rights that owners have over goods and services. It can generate some form of measured economic value. It enhances the value of associated assets. Future valuation:  The future value of intellectual property is derived from: Direct exploitation of the asset by integration within the product. Selling and licensing to an external source.  Making it difficult for others to use the asset by reducing substitution threats.

9. Methods for IP asset valuation Income method:  This technique values the asset based on the expected income and adjustments made to its present-day value . It is the most common method of valuation used in business. The income method is considered the easiest to implement for assets that carry positive cash flow . Market method:  This method works on comparing similar IP assets based on the transfer price paid for each. This is a simple method since it is based on the market comparison . It is often used for approximate values of royalty rates and taxes . Cost method:  This establishes the intellectual property asset’s value by calculating the cost of a similar or exact asset. The cost method is useful when the IP is prone to easy duplication or its economic benefits cannot be quantified clearly.

10. Intellectual property insurance and coverage Intellectual property infringement coverage Infringement coverage (also called defense coverage) is the most common type of coverage. This policy provides insurance to owners when a patent infringement claim is filed. It protects the distributors against allegations, maintains rights, and covers damaging costs in case of liabilities. Intellectual property enforcement When an insurer provides funds to IP owners to protect infringement rights and then takes money for legal expenses such as counterclaims and losses, it falls under enforcement coverage. This coverage can also be applied to third-party non-payments, breach of contract, and investigation costs.

11. Intellectual property value insurance In cases where incorrect claims are made against IP assets that have resulted in a loss of revenue for an insured portfolio, this coverage is used to compensate for direct loss.  Additionally, products that can generate revenue in the future , such as royalties, license incomes, and research and development expenses, are covered under this insurance policy.

12. I ntellectual property management software IPfolio : It is a cloud-based IP management system that creates and manages corporate IP portfolios. It improves portfolio visibility and facilitates collaboration across global teams . The software has complete integrations with the Intellectual Property Awareness Network (IPAN), including patent annuities and trademark renewals. 2. Alt Legal It is an IP automated docketing solution for United States Patent and Trademark Office (USPTO) and Canadian Intellectual Property Office ( CIPO) deadlines. The technology also has one-click reporting, smart email templates, calendar syncs, Trademark Electronic Application System (TEAS) integrations, and a trademark watch for all office references.

13. 3.  AppColl It is a cloud-based patent and trademark management system that helps firms and multinational corporations create and file patent applications cost-effectively. Its product, Prosecution Manager, increases productivity while reducing the risks of running a corporate IP group. 4. DocketTrak   It manages patents and trademarks. It connects to the USPTO, CIPO, Australia (AU), and Europe (EU) offices and provides real-time event updates and deadline reminders.