logo

Managing Intellectual Property: Importance and Risks

Prepare a report for the managing team of a company with a risk of losing intellectual property.

5 Pages1305 Words334 Views
   

Added on  2023-06-07

About This Document

This article discusses the importance of managing intellectual property and the risks associated with it. It explains the different types of intellectual property and how to protect them. The article also covers the legal implications of intellectual property infringement and how to avoid it.

Managing Intellectual Property: Importance and Risks

Prepare a report for the managing team of a company with a risk of losing intellectual property.

   Added on 2023-06-07

ShareRelated Documents
ENGINEERING MANAGEMENT 1
ENGINEERING MANAGEMENT
<Student Name>
Course
Lecturer’s Name
University
Department
Date
Managing Intellectual Property: Importance and Risks_1
ENGINEERING MANAGEMENT 2
Managing intellectual property is increasingly becoming an important aspect in
organizations as the world continuously places increased value on intellectual ideas.
Globalization has opened up the world and companies can no longer operate secretly
whereby the uniqueness of product, service, features, or design is now on the global spotlight.
Simple mistakes in terms of intellectual property management can be costly; unfortunately,
such mistakes are easily made. The stakes are high and can amount to the company losing its
intellectual property rights or a competitor may end up acquiring the rights [1]. With the
advancement of technology, technology based companies are continuously faced with the
risks of infringement cases. In most cases, the only valuable asset a small company has is the
intellectual property and must do all they can to keep it safe of they will be out of business.
All companies in their undertaking have an intellectual property risk. If one makes, supplies,
distribution rights, imports, or uses various products or services bearing distinct features
contributing to the competitive edge, they all risk a potential IP exposure [2].
Protection of intellectual property is two sided; defense and offense. By offence
means, that a company is proactive in its activities by instituting measures to fend off
advances by any other company that is infringing on an intellectual property right. Defense
means that the company is operating at a safe zone where they do not infringe or at a suitable
position to put on a strong defense when faced with an infringement right. The uniqueness of
the business is that which sets the business apart from the competition and ought to be
protected as an intellectual property asset [1].
IP relates risks come from a multitude of sources that include from within the
organization, entities within the eco-system of the organization, independent third parties,
illegal entities, competitors, and the government entities. Company X in Victoria may lose
the IP from competitors. The easiest scenario for losing intellectual property is by not owning
a patent for the new antennae. Another scenario is lack of a trademark protecting the
Managing Intellectual Property: Importance and Risks_2

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Managing Intellectual Property: Importance and Risks
|5
|1305
|421

Issues and Challenges Faced by Entrepreneurs in Intellectual Property
|10
|2954
|228

Intellectual Property Law
|12
|3262
|265

Intellectual Property Rights in Software Industry
|6
|1502
|384

Intellectual Property and Asset Management for Itech Production Studio
|3
|670
|344

Protecting Intellectual Property | Essay
|6
|1583
|20