This article is part of eBook. Please use the link at bottom to jump to the rest of the eBook...

Implementing Intellectual Property Management under the CICM Model

BACKGROUND

The goal of the intellectual property management (IPM) stage under the CICM model is to max­imize the value created and extracted at the previous stages by using the legally defined and pro­tected intellectual capital (IC) (i.e., IP) for two main purposes: securing strong competitive positions and generating revenues. This entails realizing the potential of IP as both a competitive weapon and a business asset. For this to happen, IPM should infiltrate all levels of the organiza­tion, be part of business management, and hence be reflected in the management obj ectives of the organization and individual business units.

MANAGEMENT OBJECTIVES

The management objectives of the IPM stage are to:

•   Know and assess the IP wealth of the organization and assess its current and potential uses, particularly in relation to the primary form of IP.

•   Build a strong IP portfolio by combining weak with strong IP, reinforcing strong IP through acquiring additional supporting same or different forms of IP, and abandoning low-performing IPs.

•   Adopt IP strategies that enable the use of IP as a competitive weapon (lawfully) to ham­per competition's efforts in securing a strong competitive position for short- and medium-term purposes.

•   Adopt IP strategies to sustain and create new competitive advantage in the long term.

•   Adopt IP strategies for the commercialization of IP as a business asset to expand geo­graphically and to enter related/analogous new markets through licensing.

•   Take IPM to the operational level by effecting the necessary changes to the structure of the organization, and allocating responsibility to IP teams and units. This would enable every business unit to devise detailed investment plans for leveraging the IP portfolio.

•   Instill in the culture of the organization awareness of the proper use of IP by establishing sound management practices, both to preserve the value of IP and to guard against infringing the IP of others.

•   Provide tools and systems to enable IPM at the operational levels. In particular, design tools for the valuation and assessment of IP.

This article is part of eBook. To read the rest of the eBook (full version) please look at: capital model