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 objectives of the organization and individual business units.
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 ...