Why is managing intellectual property important?
Updated: Mar 30
Intellectual Property (IP) is one of the most important assets of a leading edge technology company. Whether it is patents, copyrights, trademarks, trade secrets or know-how, it is critically important to identify it, document it, protect it and in some cases, register it. In the new knowledge economy, intellectual property has become an important strategic issue. However, in many firms, the management of intellectual property (IP) is still divorced from business strategy. People still think that “managing IP strategically” means having an IP strategy rather than managing IP.
Intellectual Property is important to businesses as they are intangible assets that can be financially exploited because like physical property, they can be sold or licensed. Every business possesses such assets whether they are aware of it or not. When a business is establishing its presence in the marketplace, protecting and managing its intellectual property is critical as it can mean the difference between success or failure.