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Capturing Innovation: Turning Intellectual Assets into Business Assets. Justin Woo IEOR 190G - Patent Engineering Professor Tal Lavian Project #2 – Chapter Slides From Ideas to Assets – Chapter 3, pp. 65-81. Chapter Outline. Overview – Key Points Problem in Predicting Futures

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capturing innovation turning intellectual assets into business assets

Capturing Innovation:Turning Intellectual Assets into Business Assets

Justin Woo

IEOR 190G - Patent Engineering

Professor Tal Lavian

Project #2 – Chapter Slides

From Ideas to Assets – Chapter 3, pp. 65-81

chapter outline
Chapter Outline
  • Overview – Key Points
  • Problem in Predicting Futures
    • Investing in Patents
    • Risk in Investment timeline
    • Futures Game
  • Solutions
    • Internal – Market pull vs. Research Push
    • External – Design Around
  • sdf
overview key points
Overview - Key Points
  • Idea creation should not be the main focus of a business
  • To succeed as a business, ideas must be turned into monetizable business assets
  • Failure to protect a company’s IP will result in lost revenue and/or being put out of businessby competitors
problem predicting patent futures
Problem – Predicting Patent Futures
  • Companies are unable to predict the future
    • Some patents succeed, some patents fail

How to choose which inventions & intellectual properties (IP) to protect?

  • Costs can be high to patent all research
  • Earlier investment in patents equals greater uncertainty in patent outcome
investing early
Investing Early
  • Earlier investments = Higher Risk
    • Higher possible return value
    • Greater risk of wrong guesses
  • Essentially turns into a game of predicting the future

How can a company reduce risk and increase probability for patent success?

reducing risk
Reducing Risk
  • Hire good researchers!
    • Allow them “play” within set boundaries of skills and interests
    • Recruit top-notch researchers in company field of interest
    • Hire supportive staff for research environment
  • Recognize differences in timelines between profit-driven and research-driven work environments within a company
reducing risk1
Reducing Risk
  • Pure researchers do not prosper in a development environment
  • Similarly, developers do not prosper in a research environment
  • Both worker types are needed at different times, depending on the stage of an invention
capitalization late stage inventions
Capitalization: Late-Stage Inventions
  • Later-stage inventions are defined as those close to being used in a commercial environment
  • The closer an invention is to commercialization, the easier it is to predict future success
    • Potential profitability and commercial value of the innovation decreasewith later-stage inventions
late stage inventions play to win
Late-Stage Inventions: Play to Win

How to play to win in late-stage environment?

  • Good invention review and analysis
    • Identify best inventions in later stages and commercial environments
  • Have proper staff for both environments
earlier identification
Earlier Identification

How can one identify and capture a higher percentage of commercially valuable innovations earlier in the research and development process?

market pull vs research push1
Market Pull vs. Research Push
  • Traditional “Research Push”: researchers drive innovations outward into the market through products
    • Higher risk due to lack of specific knowledge within industry
market pull vs research push2
Market Pull vs. Research Push
  • New “Market Pull”: marketers pull innovation through the organization and into the marketplace
    • Reduces risk because marketers & technology enablers (customers) are well-familiarized with industry
design around
Design-Around
  • Design-Around: the practice of determining how competitors might design products to maneuver around your own patents.
    • Devote resources to analyzing the competitive environment
    • Focus on both your own products and your competitor’s alternate paths
    • Usually used for late-stage development
    • Requires anticipation of future growth and path of inventions
  • This is a pre-emptive technique in securing intellectual property as a company’s business assets
ideal development environment
Ideal Development Environment

Given all the separate considerations internally (within development) and externally (competition), what is the ideal environment for intellectual asset development?

  • A well-balanced combination of research, development, patent protection, and statistical coverage to hedge future bets
    • Highly dependent upon stage (early vs. late)
processing invention
Processing Invention
  • A key aspect of the invention process is involvement of the inventor in it
  • Disclosure process: The more inventor-friendly the invention disclosure process is, the higher the likelihood that inventors will participate!
  • Process time: Shorter process times will encourage inventors to have active and more frequent invention
quantity vs quality
Quantity vs. Quality
  • Rule of 60/40:
    • 60% of the possible effort and resources will result in a patent that is completely acceptable in quality, while an additional 40% may be expended in a vain attempt to reach perfection
  • Key Point
    • Both quantity and quality are important, as predicting successes of patents is (once again) an unpredictable futures game
importance of timing
Importance of Timing
  • Timing is everything
    • Typical time from filing to issuance of patent = 24 months
    • In terms of development process, 24 months is very lengthy
  • Difficult to synthesize & bring together the development and licensing processes
  • Both patents and patents pending are capable of valuation; both have value to the company
summary
Summary
  • Innovation is a key aspect to a business; however, it is just as important to turn innovation into protected business assets through patents.
    • Lack of doing so will result in financial and competitive loss to market competitors
  • To identify, develop, and protect assets requires a long-term perspective and development of processes carefully tuned to different phases of a business
  • Companies must develop processes and procedures to promote innovation and protect itself in the global marketplace.