The Importance of Intellectual Property IP for Businesses
The Importance of Intellectual Property (IP) for Businesses, Chambers and other Business Support Organizations in a Knowledge-Driven Economy Dr. Guriqbal Singh Jaiya Director Small and Medium-Sized Enterprises Division World Intellectual Property Organization www. wipo. int/sme
SMEs Website
IP for Business Series • Making a Mark (Trademarks) • Looking Good (Designs) • Inventing the Future (Patents) • Creative Expression (Copyright and Related Rights)
Barriers to SME IP Activity IP Challenges for SMEs 1. Cost – Both direct fees and opportunity costs 2. Value for money 3. Complexity 4. Time 5. Need for secrecy 6. Difficulty in enforcing IP rights Still the case, since the mid 1900’s
European Commission adopted a Communication on a new industrial property rights strategy for Europe: Brussels, 16 July 2008 • Ensuring high-quality industrial property rights in Europe that are accessible to all innovators, including small and mediumsized enterprises (SMEs). To achieve this, the Commission will undertake studies on the quality of the patent system and on the overall functioning of the trademark systems in the EU. This would also include the Community trademark, which the Office for Harmonisation of the Internal Market has been successfully registering for over 10 years. . • Facilitating exploitation by SMEs of industrial property rights. The Communication outlines measures to facilitate access to industrial property rights and dispute resolution procedures, and to improve awareness among SMEs of the management of industrial property as an integral element within an overall business plan.
The Commission - continues to work on an efficient and cost-effective, high quality and legally-secure patent system at European level, including a Community patent and EU-wide patent jurisdiction - will explore how the fee structure for the future Community patent can be designed to facilitate access for SMEs. Pending the adoption of the Community patent, Member States are encouraged within the Community framework for State aid for Research and Development and Innovation - to make use of the provisions to support industrial property rights - explore ways SMEs can make better use of rights within this framework such as reducing patent fees, or tax incentives to promote licensing activity.
The Commission will -explore how mediation and arbitration can further be encouraged and facilitated in the context of ongoing work on an EU-wide patent litigation system. Member States are - encouraged within the context of the Lisbon strategy to provide sufficient support for SMEs to enforce their industrial property rights.
The Commission will - assess the IPR Helpdesk in China with a view to providing optimised IPR support services for SMEs in third countries and to assessing the potential for continued and expanded support. Member States are encouraged to - raise awareness of intellectual asset management for all businesses and researchers, including SMEs.
ICC has launched the BASCAP initiative – “Business Action to Stop Counterfeiting and Piracy” Model Intellectual. Property Guidelines for Business
May 08; Enterprise Europe Network Launched in Ireland: A new and extensive European business and technology partnering network for companies. http: //www. enterpriseireland. com/News/Press+Releases/2008/Press. May 082008. htm The 5 Chambers (in Cork, Dublin, Galway, Sligo and Waterford) plus Enterprise Ireland have united with all the major players in the European business and technology partnering community to offer an accessible "one-stop-shop" service to help SMEs, in particular, to access the following services: - Information on European legislation e. g. health & safety, environment and labelling - Finding suitable business partners and identifying market opportunities - Identifying and sourcing proprietary, licensable technologies from international sources - Assisting with intellectual property issues and license agreements - Assistance with licensing out proprietary technology - Helping SMEs access European research funding - Involvement in EU policy making and providing a channel for SMEs to give their feedback to the European Commission.
IP-system Supporting SME´s and Employment Idea. Pilot Finnish Innovation System Fostering Creativity Idea. Pilot 2008 - PILOT 1
IP-system Supporting SME´s and Employment Idea. Pilot What is it all about? Finnish Innovation System Fostering Creativity • Brand-building • Investment for commercialization • Knowledge management 4
IP-system Supporting SME´s and Employment Idea. Pilot Background studies: The Planning situation in SME´s Finnish Innovation System Fostering Creativity • The know-how of the entrepreneur is a key factor • Development is a simple process: • idea – development – implementation – feed-back • Time is a scarce resource • The planning skills are often small or limited • IP is competing with other means of developing SME-business 12
IP-system Supporting SME´s and Employment Idea. Pilot The Strategy for Winning Trust Finnish Innovation System Fostering Creativity q understand SME´s appropriate business processes q locate IP-potential companies and decision makers responsible for those prosesses q INTEGRATE IP-services to business processes q INTEGRATE first-phase delivery to intermediary organizations service processes 22
IP-system Supporting SME´s and Employment Idea. Pilot Finnish Innovation System Fostering Creativity The critical success factors of the project: • home-work concerning the target group • create desirability towards IP-system • develop it´s usability • improve the accessibility of services 23
IP-system Supporting SME´s and Employment Idea. Pilot Finnish Innovation System Fostering Creativity First steps: 1) Focus to the target group 2) Create an approach 3) Build your network
IP-system Supporting SME´s and Employment Idea. Pilot Government Programme 2007: Finnish Innovation System Fostering Creativity ----”As part of the effort to strengthen national innovation policy, a national strategy for industrial and intellectual property rights will be drawn up. Attention will be focused on the potential of SMEs and private inventors to use various forms of protection and thereby improve the commercial potential of their products. ” ----- 25
IP-system Supporting SME´s and Employment Idea. Pilot Finnish Innovation System Fostering Creativity Background studies: The Status of Awareness and Usage of the IP-system The Usage of the IPR System (most IP-potential companies) Trade Secret Trade name Trade Mark Planned use Occasional use No use Patent Design Right Copyright Utility Model (SME - barometer 2007: 82 % has no IPR´s) 11 Strategic use
IP-system Supporting SME´s and Employment Idea. Pilot Background studies: Intermediate organisations Foundation for Finnish Inventions, 27+ 9 innovation managers Finnish Innovation System Fostering Creativity Tekes (National Technology Agency) 15 outlets Technology Industries in Finland The Federation of Finnish Enterprises The Confederation of of Finnish Industries The Confederation Chambers of Commerce Regional development companies hundreds SME´s Jobs and Society 33 outlets EED-Centres 15 outlets Start-up´s Regional financiers appr. 100 Centres of Expertise covers 3 000 companies Technology centres 22 outlets 13 Universities, 21 vocational high-schools, 31 Regional BSP: s 50 outlets Consultants, experts appr. 100 R&D networks 4 + 11
IP-system Supporting SME´s and Employment Usability: The structure of the IP-workbook Idea. Pilot Management Personnel, resources Fostering company know-how? Employment inventions? Protecting policy? Implementing? Responsibilities? Intellectual property? Trends? Markets, surveys Competitors? How to convince financier? Financing Immaterialstrategy Risk analysis? Disclosing business critical information? Standing out in the market? Freedom to operate? How to defend infringements? Marketing 17 Avoiding redundant R&D? Make or Buy? Licencing? Partnerships? How to protect spearheadtechnology? Key technology? Monitoring technical development? Evaluating R&D project? Technical solutions? Possibilities to protect technology? Product development Production methods? Production ip 4 inno
DISSEMINATION IP-system Supporting SME´s and Employment Idea. Pilot Business advisors, consultants Information sessions Network of business advisors Network of consultants, first phase Training for consultants: Use of Pre-Diagnosis ADVANCED - Programme Network of consultants, advanced tools: IP-Score, Imp 3 rove New IP-consultancy concepts available for SMEs
IP-system Supporting SME´s and Employment Idea. Pilot Accessibility: Directly to SME´s, integrated to public service Finnish Innovation System Fostering Creativity Consulting process for the SME´s Product. Start Discussion with the innovation manager in EED-Centre 1. consulting day 1 – 3 consulting days 1 – 5 additional consulting days Product. Start is a consultancy concept created in cooperation with EED-centres and produced by private business consultants subsidized by EED-Centres 19
IP-system Supporting SME´s and Employment Idea. Pilot Accessibility: Directly to SME´s, integrated to public service Product Start Finnish Innovation System Fostering Creativity Idea for product or service IPR viewpoint -state-of-the-art -novelty -competition -protection 20 Marketing viewpoint Technical viewpoint Summary, reporting Financial viewpoint Networking viewpoint
IP-system Supporting SME´s and Employment Idea. Pilot Activities 2008 Inno. Training- IP-BASE Training for Information Specialists (PRH, VTT, TKK, Tietoas. ) project (PRH, EU) 5) Pre-Diagnosis Training for consultants 2) 11) Imp 3 rove- ip 4 inno- Inno. Consulting- project (PRH, EU) 7) 3) Training for Consultants (PRH, PKT-säät. ) 2007 2008 Inno. Info. Patent Information in Product Development and Marketing (PRH, VTT) 8) Training for consultants 12) 2009 Enter. Prise Finland 9) 10) BA-Training for Business Advisors 13) project -road-show for SMEs SME Work-Shops 1) Travelling work-shops for SMEs IP-Training 6) for SMEs Inno. Info II Patent Information Search Interface for Consultants 4)
IP Awareness and Enforcement: Modular Based Actions for SMEs Project co-financed by the European Commission Hubert Rothe, Head of Division, Information Services for the Public, German Patent and Trade Mark Office, Munich WIPO 6 th Annual Forum on IP and SMEs, Cardiff, 10 – 11 September 2008
Background • Network of NPOs in Europe founded in 2005, supported by European Commission, DG Enterprise – Creation of the Innovaccess. eu website, based on previous EU projects – Presentation of the network by M. Philippe Cadre at the WIPO Forum 2006 in Geneva • Termination of the IPR Helpdesk project (coordinated by University of Alicante) at the end of 2007 • Call “IP Awareness and Enforcement Project (including IPR Helpdesk)“ published by DG Enterprise in April 2007, based on the CIP Programme • 19 NPOs, University of Alicante and 6 other institutions filed a common proposal in June 2007 • EC accepted the proposal in October 2007 • Project contract concluded with the EC on 31 October 2007 • Commencement of the project on 1 November 2007
IP Awareness and Enforcement: Modular Based Action for SMEs • • Duration: Budget: Coordinator: Partners: Nov. 2007 - Oct. 2010 7. 9 M€ University of Alicante (ES) 19 NPOs 5 research institutions 1 trade organisation (EURATEX) 1 innovation agency (Luxinno)
Project objectives • To significantly raise SMEs’ interest and knowledge about Intellectual Property (IP) issues; • To raise SMEs’ understanding of the need to integrate IP in their innovation strategies and their business planning; • To improve the protection of SMEs’ IP rights through the increased registration of rights EU-wide and also internationally and increase the use of non-registered protection methods through the effective promotion of these methods; • To improve protection and enforcement by SMEs of their IP rights from infringement whether this originates from within or outside the EU; • To raise SMEs ability to fight counterfeiting and increase knowledge on the methodologies available to detect it
Project objectives (continued) • To develop actions to promote awareness on IPR protection to educate the fashion and design industries (textiles, leather, footwear and furniture) on the risks counterfeiting poses and on the existing means and procedures to combat it; • To promote and support the use of IP rights in international research, development and technology transfer activities, providing an IP rights support service to actual and potential beneficiaries of CIP and Research Framework Programme actions, especially high-tech SMEs and Public Research Organisations.
Modules and Target Audiences Module 0 – Horizontal Work Packages • WP 1. Developing the Knowledge Base (DK) • WP 2. Developing the IPR Toolbox • WP 3. IT Support (IT) (UA) • WP 4. Communications and Marketing (GB) • WP 5. Cooperation with other actors • WP 6. Project Management (SE) (UA) • Target audience • All project partners • External partners and stakeholders (WP 5)
Modules and Target Audiences Module 1 • WP 7. Setting up a user-friendly website for IPR support for European SMEs (FR) • WP 8. Setting up local Helpdesks for IPR and enforcement support for European SMEs (DE) • WP 9. Planning local actions for Awareness and Enforcement Services (HU) • WP 10. IPR Enforcement Support Services (DK) • WP 11 Delivering awareness and enforcement actions directly to SMEs (CRPHT) • WP 12 Delivering Awareness and Enforcement Actions for SMEs Support Services (IEEPI) • Target audience • Innovative and high-tech SMEs • SME support services, innovation support actors and networks, e. g. Chambers of Commerce • IPR enforcement agencies
Modules and Target Audiences Module 2 (University of Alicante) • WP 13. Sectoral Handbook(s) Production and Dissemination • Target audience • Enterprises (especially SMEs) of the fashion and design industries (textiles, leather, footwear and furniture) from target countries • Sectoral associations • Chambers of commerce, regional development agencies, etc.
Modules and Target Audiences Module 3 (University of Alicante) • WP 14. IPR-Helpdesk Website Content Generation and Info-Service • WP 15. Helpline for participants in EU-funded Research and Innovation projects • Target audience • Current and potential participants, e. g. • SMEs, • universities and • research organisations, in CIP and RTD Framework Programmes of the European Commission
Expected Results • Establishment of a cost-efficient and useful trans-national website including an extranet network of European helpdesks • Development of new IPR enforcement support services • Implementation of at least 2 new sustainable services on IPR and enforcement issues per country according to the needs of the SMEs and to the national IP policy • Stronger and sustainable relations between each NPO and the local intermediaries at national level
Project Structure European Commission DG Enterprise Advisory Board (external parties) Scientific Coordination Committee (10 consortium members: NPOs of DE, DK, FR, GB, HU, IT and SE, University of Alicante (ES), CRPHT (LU), IEEPI (FR)) Management Board All 26 consortium members Administrative Coordination (University of Alicante)
SPANISH PATENT AND TRADEMARK OFFICE IP PLAN TO SUPPORT SMEs
AIM The aim of this Plan is that Spanish SMEs become aware of IP, in order to include it as a tool in the management of the innovation and business processes.
WHAT IS THE IP SUPPORT PLAN FOR SMEs The IP Support Plan consist on implementing a set of measures based on: 1. Information: the SPTO must offer to SMEs an information of quality tailored to their needs 2. Visibility: greater knowledge of the SPTO, its activities and services 3. Cooperation: implementing the actions in collaboration mainly with Regional PATLIB Centres of Autonomous Communities and other national and international institutions involved with SMEs 4. Simplicity and proximity: the final result of the actions must contribute to a perception of IP as a simple and easy tool
WHY AN IP SUPPORT PLAN FOR SMEs account for more than 90% of all Spanish enterprises among them, the SPTO must be a visible and present organism. In addition it is necessary to consider that great companies already have a great knowledge of IPR and make use of them, through national and international systems. The SPTO must direct its efforts to spread the IP system between the SMEs, traditionally nonusers.
TARGET GROUPS OF THE PLAN SMEs Entrepreneurs Technological Centers and Parks Intermediaries, that optimize and multiply the actions adopted by the SPTO
HOW IS THE PLAN CARRIED OUT : To carry out the Plan, the SPTO will adopt the following actions:
ACTIONS: 1 Create an internal center specialized on SMEs which will coordinate all the actions Create a SMEs microsite in the SPTO Web Create an external center to support enterprises on trademarks Integrate the electronic trademark application on enterprises networks and on One-Stop. Shop for Entrepreneurs
ACTIONS: 2 Strengthen the collaboration with other institutions related with SMEs Create or improve the following tools: v Patents: § Subsidies § Reduction of public prices (technological information reports) § SMEs Patent brochure: adaptation of SMEs WIPO brochure to the Spanish Legislation § Program of Visits to companies
ACTIONS: 3 v Trademarks § Reduction of Trademark searches fee § Massive distribution of specific trademark leaflets § Launch of the new service: Community Trademarks applications surveillance § Trademark Dissemination Programme for SMEs in collaboration with Chambers of Commerce and enterprise associations v Industrial Property § SPTO Presence on SMEs Forums § Periodical workshops § Dissemination Seminars (in collaboration with Autonomous Communities and other intermediaries)
ANNEX INTERMEDIARY ELEMENTS Intermediary elements Chambers of Commerce, Enterprise associations Foundations rooted in the business world (pharmaceutical, technological innovation, design…) Association of Science and Techonology Parks of Spain, Association of Innovation and technology entities of Spain Administrative Bodies related with SMEs Autonomous Communities: Patlib Centres Seminars, News in their Bulletins, Links in their webs Search of new clients Integrate TM applications and IP information on One. Stop-Shop for Entrepreneurs Integrate IP on their dissemination and formation programmes
Targeted SME Support West Midlands IP Forum – Fillip • Funded by the RDA – Advantage West Midlands • Managed by Coventry University Enterprises Ltd • Remit – To raise awareness of IP – To form a Forum of IP Professionals in the West Midlands to provide businesses with a one stop shop for IP – To establish a website for IP Resources – Managed Grant Funding for IP related work
Achievements In the West Midlands, Fillip has: • • Engaged with 327 individuals Engaged with 305 businesses Held 12 events Managed a competition to win IP funding; providing £ 149, 500 of funding to small and medium sized businesses
• Established 1999 • Funded by The Scottish Government • Impartial • Non-commercial • Confidential • FREE • Not a funding programme • Does NOT do work of Patent Attorneys or other Professionals
Invention nnovators Innovation ounselling dvisory ervice cotland
• Established 1999 • Funded by The Scottish Government • Impartial • Non-commercial • Confidential • FREE • Not a funding programme • Does NOT do work of Patent Attorneys or other Professionals
What is ICASS? “Service that facilitates, the protection, development and commercialisation of innovative ideas originating in Scotland” Early stage Interventi on One to one
What does ICASS do? Advice Counselling • Intellectual Property • Talking through ideas • Product development • Asking basic questions • Establishing IPR • Putting ideas in context • Commercialisation issues • How to Protect IP • Investigating originality • Confidentiality • Licensing Signposting
IP Support for SMEs & Individuals in Wales • Advice • Working with UK IPO • Financial
IP Advice for SMEs & Individuals • Innovation Managers (IM) – Support for SMEs – Established in 1996 with a network of advisers • Wales Innovators Network (WIN) – – Unique support scheme for lone innovators/inventors Established in 2002 with dedicated advisers 2004 number of advisers doubled Award winning
Supporting Welsh IP: Wales Innovators Network (WIN) Background ● Award-winning Welsh Assembly Government Initiative - part of Technology & Innovation team ● Helping individual innovators to progress their ideas ● Support with IP, market research, prototyping, testing, manufacture, commercialisation ● Structured Development Plan
Innovation Manager Team Supporting Welsh IP: ●Background Science / Technology background, several Ph. D level ● Sector expertise (e. g. Geoscience, Optoelectronics, Electrochemistry, Composites, Semiconductors…) ● Private sector experience ● Part of Welsh Assembly Government business support team ● 12 focus on Welsh SMEs; 3 focus on individual innovators (WIN) ● IP Accreditation from UK IPO / Coventry University ● Help with funding, testing, academic expertise, collaborative partners, basic understanding of IP system, introduction to esp@cenet searching, signposting & funding to access professional help
Geography of IP Support Bangor St Asaph 15 IMs - Professionally qualified with industrial experience including 1 chartered patent attorney. Project Manager Ex UK patent examiner Newtown Carmarthen Pembroke UK IPO IP Training for Advisors IP Health Checks Pilot Brecon Swansea IP Wales Treforest Newport UK IPO Cardiff WAG
IP Training for Innovation Managers • Past – 1 day awareness course – Patent Searching • Current/Future – IP Master Class – Licensing – IP Valuation
Future IP Services • IP Health Checks • Funding Support for IP Professionals – Accredited list of providers – Patents - € 4, 400 – Trade Marks - € 2, 200 – Registered Designs - € 2, 200 – License Agreements - € 3, 600 • IP Commercialisation
Presentation of CERT-TTT-M WIPI Annual Forum 2008– Cardiff
The “European Institute for Enterprise and Intellectual Property” • Created in 2004 by the French Ministry of Industry and INPI (French NPO) in order to provide training sessions on the economic and strategic issues of intellectual property (IP). • Promote "intellectual property awareness" within companies, focusing on SME / SMI. • Develops and organizes training sessions on the offensive aspects of IP and innovation • Is implicated in different European projects aiming at the development of IP awareness toward SMEs.
CERT-TTT-M… • means Certified Transnational Technology Transfer Manager • project within the FP 6 programme of the EU • Based on key assumptions of European IPR experts : – Lack of TT skilled people – No registered TT profession – No TT education / training programme recognised all over Europe 2
CERT-TTT-M… …addresses to the findings of CREST IPR expert group • Lack of holistic/integrated TT education programs • Lack of trans-national/international attitude of education • No sufficient assessment of TT-skills possible (comparable) • No clear TT career structure / no accreditation for TT professionals • No sufficient benchmarks on education TT programmes in EU-27 (comparable) 3
CERT-TTM… To build up a blue-print education programme that possibly : • Professionalizes TT on a trans-national level • Covers all phases of the TT process • Meets the need for an official recognized course • Supports MS policy-makers • Standardizes the skill-set of TT profession in Europe • Is based on surveys on demand supply 4
CERT-TTT-M at a glance • 11 partners of 7 Member States, 5 PROs, 7 policy makers (also CREST participants) • Advisory Panel: IPR/TT relevant organisations • Budget: € 1, 3 Mio. • 6 workpackages • Duration: 24 months (2007 -2008) 5
CERT-TTT-M Partner 11 Participants from 7 Countries Austria: AWS – MCI Belgium / Flanders: IWT France: IEEPI – MESR Italy: ASTER – ERPDA Latvia: LIDA Netherlands: EZ – RSM Sweden: VINNOVA 6
Spotlight is on knowledge in today’s economy • Knowledge, Weightless, Information, Digital or Service Economy • Factors of production: Land, Labor, Capital, Intangibles (Knowledge) • Knowledge as useful Information (or Service) • Information as a “Public Good” • Information as Property
Market-oriented Economy • Playing Field: Unfair competition; free riding • National Legal Systems: Diversity (bilateral/regional/ international treaties or agreements) • Adding Value : Meeting or exceeding market needs or expectations • Market research: Consumers’ needs, competing products or substitutes, gaps • Technological innovation as an element of marketing
Performance c e p i t ta Ex us o u in t Con s n o Performance Gap t en m e ov r p m I Time Customer Expectation Dilemma
The challenge of adding value in today’s economy • Raw materials/Inputs: Processing (Value addition) = Value added output/component; product; sale; Profit • Value addition: Cheaper, Faster, Better: Functional/technological or aesthetic/non-technological; Rational/Emotional (More for Less) • Price; access/availability; consistency • Individual, Enterprise (legal person), Chains, Networks; consortia; Open Innovation (Industry-Government. Academia) • Ownership vs. access to knowledge • Value Addition, Value Delivery and Value Extraction
Levels of Product Augmented Product Installation Packaging Brand Name Delivery & Credit Quality Level Core Benefit or Service Features Design Warranty Actual Product Core Product After. Sale Service
Tangibility Spectrum Salt Soft Drinks Detergents Automobiles Cosmetics. Fast-food Outlets Tangible Dominant Intangible Dominant Fast-food Outlets Advertising Agencies Airlines Investment Management Consulting Teaching
Customer experience as viewed through our customers eyes Right First Time Fulfilling or exceeding customer expectations, perfectly Cycle Time The elapsed time between the start and end of any customer experience
New Product Development All businesses must do this or eventually die. …use the firm’s resources to meet objectives in an ever changing environment. Acquisition versus Innovation risk versus reward tradeoff
The Need for Innovation • Commodity businesses compete on price • Advantage goes to the low cost producer – Perhaps due to lower labor costs, materials costs, or a superior process • The only way to avoid commoditization is innovation – Products – Processes – Value-added via integration or services
What is Innovation? • Innovation is the process and outcome of creating something new, which is also of value. • Innovation involves the whole process from opportunity identification, ideation or invention to development, prototyping, production marketing and sales, while entrepreneurship only needs to involve commercialization (Schumpeter).
What is Innovation? • Today it is said to involve the capacity to quickly adapt by adopting new innovations (products, processes, strategies, organization, etc) • Also, traditionally the focus has been on new products or processes, but recently new business models have come into focus, i. e. the way a firm delivers value and secures profits.
What is Innovation? • Schumpeter argued that innovation comes about through new combinations made by an entrepreneur, resulting in – a new product, – a new process, – opening of new market, – new way of organizing the business – new sources of supply
Dimensions of Innovation There are several types of innovation – Process, product/service, strategy, which can vary in degree of newness: – Incremental to radical, and impact: continuous to discontinuous
Drivers for Innovation – Financial pressures to reduce costs, increase efficiency, do more with less, etc – Increased competition – Shorter product life cycles – Value migration – Stricter regulation – Industry and community needs for sustainable development – Increased demend for accountability – Demographic, social and maket changes – Rising customer expectations regarding service and quality – Changing economy – Greater availability of potentially useful technologies coupled with a need to exceed the competition in these technologies
New Conditions for Innovation • Small start-up entrepreneurs increasingly depend on large firms: – as suppliers or customers – for venture finance, – for exit opportunites, – for knowledge (production, markets and R&D) – and for opening new markets.
New Conditions for Innovation • Large firms increasingly depend on small start-ups – for NPD, – as suppliers of new knowledge (which they cannot develop themselves), – or organizational renewal, for experimentation with busienss models, – for opening new markets, etc
New Product Development Acquisition versus Innovation corporate acquisition buy the company rapid entry, total control invites antitrust attention, threat of divestiture patent acquisition buy the patent avoids antitrust problems does not give total control
New Product Development Acquisition versus Innovation (cont. ) license the patent …rent it minimum investment, fast introduction, fast income fast competition, lack of control, less reward innovation …develop new products internally maximize long term profit, gain technological leadership no legal problems. . .
New Product Development Why is this so difficult? Shortage of fundamentally new solutions to old problems Fragmented markets due to increased competition, decreased reaction time Increase in social and government constraints Cost
New Product Development New Product Adoption Process Innovators Early Adopters Early Majority Late Majority Laggards Area under curve sums horizontally to form first three stages of the product life cycle.
New Product Development New Product Adoption Process is also known as the diffusion process. Each successive set of consumers behaves differently. Rate of Adoption is a function of: relative advantage, compatibility, complexity, availability of trial, observability
Risk Management in New Product Development Why research and analysis before new product development New product have a very high failure rates. Products fail, not because of technical shortcomings, but due to absence of market. Over 60% of new product fail before entering the market, and out of the remaining 40% that do see the ray of light, 40% fail to yield profit and are withdrawn from the market. Timely and reliable knowledge about customer preferences is most important. Such data is obtained from business research. New product development is linked with very limited historical or preliminary data. Hence, risky Risk can be in form of market, technical, or organizational issues. Risk analysis solves the problem through flexible modeling, primary and secondary research. A good strategy is a must for evaluating and dealing with the associated and unavoidable risks. Research conducted to understand customer needs and develop a new product is different from research required to launch a new product. Product development research is focused on needs of customers while launch research focuses on understanding the motivation and attitudes of early adopters. Successful targeting of early adopters builds the fountain for new product success.
Success Rate of Entirely New Products 3000 raw ideas. 03% 1. 7 launches 60% 300 submitted ideas. 3% 4 major developments 25% 1 commercial success Stevens and Burley, RTM May-June 1997 125 beginning projects. 8% 9 large developments 11%
THE PRODUCT LIFE CYCLE • A reminder that most products do not live for ever • A conceptual framework only • Difficult to measure where a product is in its life cycle
The chances for failure are greatest when you know the least about the technology being developed and/or the target market The “Familiarity Matrix” allows mapping of R&D projects based on the extent of knowledge about technologies and markets Edward B. Roberts and Charles A. Berry, “Entering New Businesses: Selecting Strategies for Success” Sloan Management Review, Spring 1985 pp 3 -17
Familiar New, familiar New , unfamiliar Decreasing knowledge of the market Familiarity Matrix: A Guide Place Your Project in One of the Nine Boxes re u ail f f k o s ri g e r nc I in s a Familiar New , familiar New , unfamiliar Decreasing knowledge of the technology
Decreasing knowledge of the market Familiarity Matrix: A Guide Place Your Project in One of the Nine Boxes Market Business New Business Model Expansion Market Extension Business Expansion Market Product Penetration Extension Product Expansion Decreasing knowledge of the technology
Familiarity Matrix: A Guide Place Your Project in One of the Nine Boxes Probability of Success New Product with Market Business unrelated technology in Expansion existing market: 50% Market Extension New Business Model Business Extension Business Expansion Market Product Penetration Extension Product Expansion
Familiarity Matrix: A Guide Place Your Project in One of the Nine Boxes Market Business New Business Model Expansion Probability of Success Existing product in a new market: 15% Market Extension Business Expansion Market Product Penetration Extension Product Expansion
Familiarity Matrix: A Guide Place Your Project in One of the Nine Boxes Probability of Success “Suicide Square”. 03% Market Business New Business Expansion Model Improved product in Market Business existing market: 75% Extension Business Expansion Market Product Penetration Extension Product Expansion
Familiarity Matrix: A Guide Place Your Project in One of the Nine Boxes Market Business New Business Model Expansion Probability of Success New Product in a New Market: 5% Business Extension Business Expansion Market Product Penetration Extension Product Expansion Market Extension
Profitability Different types of Innovation give greater profitability at different points in the life cycle of a product family New product invention, tailoring, and development Process Marketing Application Innovation Business Innovation Model Structural Innovation Disruptive Product Innovation Time Geoffrey A. Moore “Darwin and the Demon: Innovating Within Established Enterprises” HBR July-August 2004 pp. 87 -92
Different Types of Innovation • Disruptive Innovation – an invention that can displace the present market leader or create an entirely new market Du. Pont Diamond Award Winners 2002 Tetra Pak, Inc. , Sweden / USA Nestlé Purina Pet. Care, Italy First Retortable Carton System for Nestlé Dog Food. This represents the first retortable carton packaging system on the market.
Different Types of Innovation • Application Innovation: Takes existing technologies into new markets to serve new purposes
Different Types of Innovation • Product Innovation: Takes an established product to the next level – reduced cost, improved quality, greater functionality
Different Types of Innovation • Process Innovation: Makes processes for established products in established markets more effective and more efficient
Different Types of Innovation • Experiential Innovation: Makes some superficial changes in the product that improve the customer’s experience with the product – adding delight, greater satisfaction, or reassurance
Different Types of Innovation • Marketing Innovation: Improves the interaction with customers
Different Types of Innovation • Business Model Innovation: Reframes the role of the company in the value chain or the way in which the company meets customer needs
Different Types of Innovation • Structural Innovation: Capitalizes on disruption and changes in the industry to restructure industry relationships
A company cannot rest on its laurels; many product class winners have fallen victim to their success US Steel (steel) ICI (chemicals) Kodak (photography) Goodyear (tires) Polaroid (instant photography) Zenith (TVs) IBM (PCs) Smith-Corona (typewriters)
Decreasing knowledge of the market Familiarity Matrix: Optimum Strategies for Technological Innovation: Finding others who know more about the markets or the technology Venture Capital or Educational Acquisition Venture capital, or Educational Acquisition, or University Relationship Internal Development, Acquisition, or Joint Venture Internal Venture or Acquisition or License Venture Capital or Educational Acquisition Internal Development Internal project, or Acquisition, or License Joint Venture, Strategic Alliance or University Relationship Joint Venture Decreasing knowledge of the technology
New developments in innovation raises new issues and problems • Greater emphasis on commercializing scientific discoveries, particularly in IT and the bio-sciences • Speed and potential value of scientific progress leads to emphasis on solid and well-designed portfolios of research projects • Universites as active drivers of innovation: Academic entrepreneurship and the entrepreneurial university • University-industry partnerships • Increased search for radical innovation and top-line growth.
Complementary Resources Manufacturing Distribution Finance Marketing Service Core technological know-how Complementary technologies Other Bargaining power of owners of complementary resources depends upon whether complementary resources are generic or specialized.
The eleven modes of cooperation agreements: illustration of their anchor points Common Research contract Ways of. . . Engineering contract Common purchase Subcontracting supplying designing Trademark licence Patent Consortium Distribution licence (common agreements marketing) Common production producing Source: S. Urban, S. Vendemini, CESAG, Strasbourg marketing delivering Know-how transfer contract
Cooperations modes and value chain Link of the chain R&D • Exchanges of existing knowledge Cooperation modes • Organisation of a common research • Setting up of a common project (design, engineering) Logistic supply • Common purchases Production Marketing Distribution • Subcontracting agreements • Trademark licence • Reciprocal distribution agreements (access to existing distribution networks) • Access to the • Common specific manufacturing resources of agreements the country (raw • Implementatio materials, n of subventions, engineering capital cost, contracts compared advantages) • Patent license • Production consortium Source: S. Urban, S. Vendemini, CESAG, Strasbourg • Consortium (common marketing) • Joint advertising Services • After sale • Lobbying • Relations
New Business Models Emerge Then… Now… CRM’s CRO’s Product Development Cycle Tool Companies One Integrated Company Testing Services Many Distributed Companies
New Regional Model Emerge Then… Now… Region D Region A Region B Manufacturing Region C Research Trials/Testing Services Development Self-contained regional clusters Region G Region E Region F Specialized, networked regions
Commercialization Model • Strategic Investment is the Foundation of a Successful Commercialization Model
‘Opening up’ of industrial research process Worldwide search and Value creation: evaluation of technology products, Prand knowledge processes etc co e-c m om ‘Open innovation’ pe p ffs tit et o Research Campus, with o it inrs iv e Un R& i v ers co D op w era ity-i ith tio ndu n str y Public-private partnership tech High. SMEs ’s Firm own arch e res lab “Exploring wider range of knowledge areas” he t In ast • Venturing fir • ‘Incubator’ • Technology transfer and support, … Developing technological core competences within the company X “More focus and resources for firm’s own competences” R&D Lab of company X , ms sp w lf Ne itse X Firm Joint ventures Lice tech nsing nol ogi es Creating more value faster X Firm Nothing
Gilead Sciences Hepsera out -license Glaxo. Smith Kline Institute for Medical Research Gateway Fund Vistide outlicense (joint venture) Pfizer Cambridge Founders Biotechnology came out of macrolide Pfizer templates (funding) Biotica Northern Venture Managers (funding) Challenge Fund Wellcome Trust Lorantis Babraham Technix Cambridge Crytallographic Data Centre (Cambridge University) Daniolabs Cambridge University Babraham Bioscience Inst Technologies Ltd Babraham Bioincubator Addenbrooke’s Hospital Neurodegeneration Consortium (funding) Astex Genzyme Domantis partnership antibodies license Cambridge Antibody Technology Eli Lilly virtual screening collaboration validation Wyeth Abbott arthritis collaboration licensing Amgen licensing (Cambridge University administered) Astra. Zeneca
The New Paradigm for Innovation “Open innovation…assumes that firms can and should use external ideas as well as internal ideas, and internal and external paths to market, as they look to advance their technology. ” Henry Chesbrough, Open Innovation: Researching a New Paradigm
The Key is Collaboration “Few if any companies today can hold all the pieces of their own product technology…they simply must collaborate with others if they want to survive and prosper…IP has become much more of a bridge to collaboration” Marshall Phelps, Microsoft
Open Innovation – buying in ideas or products to add to your model Revenues Sell Divest Market Revenues New Revenue Sources Shorter Product Life Cycle License Market Revenues Internal Development Increasing costs Costs Golden Past Spin off Internal & External Shared Development Internal Development Decreasing costs Past Present Future
Chesbrough, Sloan Management Review (2003)
‘Closed innovation single track’ 1 2 “Ideas & 3 “Current Market Place” Investigations” 4 5 Research Development Commercialisation Based upon ‘Open Innovation: Researching a New Paradigm’ (2006) Henry Chesbrough, Wim Vanhaverbeke & Joel West
‘Open innovation three lane highway’ “External Ideas & Investigations” “External Technologies 1 Insourcing gate 2 “Ideas & 3 Investigations” Outsourcing gate Technology spin-offs 4 licensing “Current Market Place” “New Market Place” “Other firm’s Market Place” 5 Research Development Commercialisation Based upon ‘Open Innovation: Researching a New Paradigm’ (2006) Henry Chesbrough, Wim Vanhaverbeke & Joel West
IP model enabling “Open Innovation” • R&D on generic technologies • Industry value chains brought together • Partners collaborate and contribute ideas
A Network View of Innovation Depending on a firm’s strengths, different firms play different roles in open innovation value chain • Some firms generate innovations • Some integrate the innovations of others • Some have a fully integrated model An open innovation system is a networked system
From a network IN an organization …. To the network IS the organization Hierarchy Matrix Network
TYPES OF NETWORKS • • Task Networks: involve the exchange of specific job-related resources including information, expertise, professional advice, political access, and material resources. Social Networks: involve relationships characterized by higher levels of closeness and trust than those that are exclusively task-related. They usually consist of people who share a common background or interest. Since people have more leeway in choosing their friends than their coworkers, these networks tend to be less closely determined by formal organizational arrangements and work assignments. Social networks, however, often play a critical role in mobilizing resources, transmitting information, and providing peer coaching. Innovation Networks must combine both! Thanks to H. Ibarra
TYPES OF RELATIONSHIPS • • It is important to cultivate a broad range of network relationships! Long-term, high reciprocity (Strong) ties: Close bonds and reciprocal relationships ensure reliability under conditions of uncertainty. These include peer alliances that function by exchange of favors, ties of trust and loyalty between superiors and subordinates, and career development ties between mentors and proteges. Short-term, instrumental ties: Many important ties such as highly circumscribed job-related connections, are often dissolved when the relationship has served its purpose. Some are with individuals the manager may not even like, but must interact with to get things done. Distant Acquaintances (Weak ties): These types of relationships are important because they function as bridges between the manager and distant social or organizational groups. As a result, they are often sources of unique or novel pieces of information. A networking strategy that does not take these into account leaves a manager open to the risk of developing an inbred network that will not provide information on external opportunities or threats.
Raufoss – Light Metal Industry • From an integrated and closed corporation to dynamic cluster – RA (Raufoss Ammunition Company) 1897 – Gradual growth of civil production in light metal – Gradual growth of global customers (automotive) • From national customers to global customer • From closed innovation to open innovation • Challenges for relations and communications
From RA via Industrial Park to a Dynamic Cluster ? Phase 1 Phase 2 Phase 3 1896 -1997 -2003 2004 - Raufoss RA HARA Nammo Fission Integrated company Reintegration ? Fragmentation Dynamic cluster?
Technology - Aircraft • Boeing Co - The first mass jetliner - the 707. • 98% made in the US 1950’s 60’s. 20 th c. • The 787 - Dreamliner - 21 st c. • 70% outsourced to 900 contractors • Half made by contractors outside the US - primarily Japan and Italy but also China (rudder). • Boeing does the final assembly. • Boeing maintains the overall IP – it’s their innovation. – Without Open Innovation and strong IP the above process could not happen. Boeing Co.
Boeing - the platform Co.
Some cross-sector ‘platform’ candidate innovation biographies in firms & regions arising from WP 3
Firm Level Innovation Biographies
Strategic Entrepreneurship and Innovation • Entrepreneurship is concerned with: – The discovery of profitable opportunities – The exploitation of profitable opportunities • Firms that encourage entrepreneurship are: – Risk takers – Committed to innovation – Proactive in creating opportunities rather than waiting to respond to opportunities created by others
Understanding the Process of Innovation The Process/Steps of Innovation Pre-IPO $ Expansion • Legal Entity • Viable • Market acceptance • Heading to IPO or M&A • High Growth • Founders = Mgt Team • Bright Idea • Head Count • Minimal Revenue Start-Up • Experimental • Multiple Cycles • Slow Growth • Research • Support Functions • Business Plan • Administration Seed • Proof of Concept • Marketing • Revenue Growth Idea / Concept Time
The Needs of Each Stage • Recruitment • Business • Corporate and Development Secretarial • A & P • Financial • Market Access • Training • PR and Marketing • Networking Expansion • Business Development • International support and $ • Business Plan • Prototype/ POC • Project Management • Business Premises • Project Management • Management Training Start-Up Seed Mkt. Access • Diversification strategies and support • Recruitment • Training and Incentives Idea / Concept Time IP Management Needed in all stages
Understanding the business/role of IP Patent Manufacturing Distribution Sales Brand • Understand the value chain of the business and industry • Understand how profits are generated – primary product – spare parts and related products – service and maintenance • What are the important features of the IP? How does it add value to the business? • What are the important features of the industry other than IP? – other important intangible and tangible assets in the value chain – competitive structure of the industry – customer characteristics and purchasing criteria
Entrepreneurship 1 Entrepreneurship drives innovation, competitiveness, job creation and economic growth. It allows new/innovative ideas to turn into successful ventures in high-tech sectors and/or can unlock the personal potential of disadvantaged people to create jobs for themselves and find a better place in society.
Entrepreneurship 2 Entrepreneurship, in small business or large, focuses on "what may be" or "what can be". One is practicing entrepreneurship by looking for what is needed, what is missing, what is changing, and what consumers will buy during the coming years.
Entrepreneurship 3 Entrepreneurs have: – A passion for what they do – The creativity and ability to innovate – A sense of independence and self- reliance – (Usually) a high level of self confidence – A willingness and capability (though not necessarily capacity or preference) for taking risks
Entrepreneurship 4 Entrepreneurs do not (usually) have: – A tolerance for organizational bureaucracies – A penchant for following rules – A structured approach to developing and implementing ideas – The foresight to plan a course of action once the idea is implemented and established
Entrepreneurial Success 1. People (Entrepreneur /Entrepreneurial Team) 2. Opportunity (Marriage of Market and Product/Service) 3. Access to Resources (Land. Labor, Capital, Knowledge And the fit amongst these three elements (Business Model)
Entry Strategies • New Business – Develop a new product or service – Develop a similar product or service – Competitive approaches • Existing Business – Buying a business – Franchise – Joint venture – customer or supplier
“Competitive strategy is about being different. It means deliberately choosing to perform activities differently or to perform different activities than rivals to deliver a unique mix of value. ” Michael E. Porter
Competitive Advantage An advantage over competitors gained by offering consumers greater value than competitors offer.
Competitive Strategies • How does an organization improve their competitive performance? • Must establish a competitive advantage in 3 areas: – Uniqueness: of resources & processes (Bill Gates knowledge of IBM) – Value: where products/services warrant a higherthan-average price or exceptionally low – Difficult to imitate: when products/services are hard to mimic or duplicate
Competitive Strategies • Basic Competitive Strategies: Porter – Overall cost leadership • Lowest production and distribution costs – Differentiation • Creating a highly differentiated product line and marketing program – Focus • Effort is focused on serving a few market segments
Competitive Strategies • Basic Competitive Strategies: Value Disciplines – Operational excellence • Superior value via price and convenience – Customer intimacy • Superior value by means of building strong relationships with buyers and satisfying needs – Product leadership • Superior value via product innovation
CORE COMPETENCES Hammel and Prahalad defined core competence as a central value - creating capability of an organization/enterprise.
CORE COMPETENCES • Core competences are activities or processes that critically underpin an organisation competitive advantage. • They create and sustain the ability to meet the critical success factors of particular customer groups better than providers in ways that are difficult to imitate
CORE COMPETENCES • Core competences are distinctive capabilities that lead a company to a competitive advantage. • Features of an enterprise that cannot be readily reproduced by a competitor.
CORE COMPETENCES Core competences can vary through the time depending on the strategy adapted by the companies and the identification of the core competencies is the first step for a company to decide which business opportunities to pursue.
The Five Generic Competitive Strategies
Relative costs and differentiation Relative costs High Niche Outstanding success Differentiation Disaster Lowest cost Low
PRICING OBJECTIVES CORPORATE OBJECTIVES ENVIRONMENTAL ANALYSIS PRICING OBJECTIVES PROFIT ORIENTATED VOLUME ORIENTATED COST ORIENTATED COMPETITION ORIENTATED
PRICING STRATEGIES • Segmented/Differential: • random/periodic/second market discounting • Exploiting Competitive Position: • price signalling/penetration/experience curve/geographic pricing
PRICING STRATEGIES • Product Line Pricing: • image pricing/price bundling/premium pricing/complementary pricing • Dynamic Pricing Strategies: • multi-tiered price or channel pricing
Low-Cost Provider Strategies Keys to Success • Make achievement of meaningful lower costs than rivals theme of firm’s strategy • Include features and services in product offering that buyers consider essential • Find approaches to achieve a cost advantage Low-cost leadership means low overall costs, not in ways difficult for rivals to copy or match just low manufacturing or production costs!
Differentiation Strategies Objective • Incorporate differentiating features that cause buyers to prefer firm’s product over brands of rivals Keys to Success • Find ways to differentiate that create value for buyers and are not easily matched or cheaply copied by rivals • Not spending more to achieve differentiation than the price premium that can be charged
Where to Find Differentiation Opportunities in the Value Chain • Purchasing and procurement activities • Product R&D and product design activities • Production process / technology-related activities • Manufacturing / production activities • Distribution-related activities • Marketing, sales, and customer service activities Activities, Costs, & Margins of Suppliers Internally Performed Activities, Costs, & Margins Activities, Costs, & Margins of Forward Channel Allies & Strategic Partners Buyer/User Value Chains
How to Achieve a Differentiation-Based Advantage Approach 1 Incorporate product features/attributes that lower buyer’s overall costs of using product Approach 2 Incorporate features/attributes that raise the performance a buyer gets out of the product Approach 3 Incorporate features/attributes that enhance buyer satisfaction in non-economic or intangible ways Approach 4 Compete on the basis of superior capabilities
Types of Differentiation Themes • Unique taste – Dr. Pepper • Multiple features – Microsoft Windows and Office • Wide selection and one-stop shopping – Home Depot, Amazon. com • Superior service -- Fed. Ex, Ritz-Carlton • Spare parts availability – Caterpillar • Engineering design and performance – Mercedes, BMW • Prestige – Rolex • Product reliability – Johnson & Johnson • Quality manufacture – Michelin, Toyota • Technological leadership – 3 M Corporation • Top-of-line image – Ralph Lauren, Starbucks, Chanel
Sustaining Differentiation: Keys to Competitive Advantage • Most appealing approaches to differentiation – Those hardest for rivals to match or imitate – Those buyers will find most appealing • Best choices to gain a longer-lasting, more profitable competitive edge – New product innovation – Technical superiority – Product quality and reliability – Comprehensive customer service – Unique competitive capabilities
Best-Cost Provider Strategies • Combine a strategic emphasis on low-cost with a strategic emphasis on differentiation – Make an upscale product at a lower cost – Give customers more value for the money Objectives • Deliver superior value by meeting or exceeding buyer expectations on product attributes and beating their price expectations • Be the low-cost provider of a product with good-toexcellent product attributes, then use cost advantage to under price comparable brands
Focus / Niche Strategies • Involve concentrated attention on a narrow piece of the total market Objective – Serve niche buyers better than rivals Keys to Success • Choose a market niche where buyers have distinctive preferences, special requirements, or unique needs • Develop unique capabilities to serve needs of target buyer segment
Examples of Focus Strategies • Animal Planet and History Channel – Cable TV • Google – Internet search engines • Porsche – Sports cars • Cannondale – Top-of-the line mountain bikes • Enterprise Rent-a-Car – Provides rental cars to repair garage customers • Bandag – Specialist in truck tire recapping
Focus / Niche Strategies and Competitive Advantage Approach 1 • Achieve lower costs than rivals in serving a well-defined buyer segment – Focused low-cost strategy Approach 2 • Offer a product appealing to unique preferences of a well-defined buyer segment – Focused differentiation strategy Which hat is unique?
An Aspect of Good Management • People Management – used by people because IP is generated by people and • Knowledge Management – because a lot of knowledge is informal and may or may not crystallise as recognisable category of IP • IT Strategic Planning – because a lot of IP is IT-related; some of the more complex IP issues arise in IT context • Contract Management – because IP is often created (or improved) in context of a contract (eg, supply contract or joint venture relationship) • Asset Management – because IP is an asset, albeit intangible; it has a value • Risk Management – because there are risks to an organisation flowing from its actions, or failure to act, in relation to IP (including risk of lost opportunity)
Introduction to IP Management 1 • • • Legal Technical Business Export Financial Relationships • • • Accounting Tax Insurance Security Automation Personnel
Introduction to IP Management 2 • • Trademarks (Brands) Geographical Indications Industrial Designs Patents and Utility Models Copyright and Related Rights Trade Secrets New Varieties of Plants Unfair Competition
Bringing it All Together Example No. 1 • Decades ago, Coca-Cola decided to keep its soft drink formula a secret • The formula is only know to a few people within the company • Kept in the vault of a bank in Atlanta • Those who know the secret formula have signed non-disclosure agreements • It is rumored that they are not allowed to travel together • If it had patented its formula, the whole world would be making Coca-Cola
Bringing it All Together Example No. 2 • Patent for stud and tube coupling system (the way bricks hold together) • But: Today the patents have long expired and the company tries hard to keep out competitors by using designs, trademarks and copyright
Bringing it All Together Example No. 3 • Patent for the fountain pen that could store ink • Utility Model for the grip and pipette for injection of ink • Industrial Design: smart design with the grip in the shape of an arrow • Trademark: provided on the product and the packaging to distinguish it from other pens Source: Japanese Patent Office
Bringing it All Together Example No. 4 ® Registered Trade Mark ‘TM’ Unregistered Registered Design Copyright: Labels & Artwork Patents: Several dozen!
Basic Message 1 IP adds value at every stage of the value chain from creative/innovative idea to putting a new, better, and cheaper, product/service on the market: Trademarks/ GIs Ind. Designs/Patents/Copyright Patents / Utility Models/Trade secrets Patents / Utility models Industrial Designs/ Trademarks/GIs Invention Commercialization Marketing Financing Literary / artistic creation Copyright/Related Rights Product Design Licensing All IP Rights Exporting
Basic Message 2 • IP Strategy should be an integral part of the overall business strategy of an Enterprise • The IP strategy of an Enterprise is influenced by its creative/innovative capacity, financial resources, field of technology, competitive environment, etc. • BUT: Ignoring the IP system altogether is in itself an IP strategy, which may eventually prove very costly or even fatal
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