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The primary force behind economic growth nowadays is intellectual property. A few examples of the intellectual properties that make up IP assets (IPAs), carefully selected for their commercial value are:
Intellectual Property Asset Management (IPAM) is a management strategy focused on using patents, trademarks, trade secrets, copyrights and other IP assets to support and improve the overall performance of the business.
Managing IP assets provides the framework for thinking ahead about future technology trends. IPAM also analyzes competitor positions to establish long-term plans for going into new product & market areas by having a strong understanding of their IP portfolio.
In yesteryears, organisations have increasingly focused on the creation and administration of intellectual property, particularly in the rapidly expanding fields of technology and cultural industries.
In today’s knowledge-based economy, the combination of intellectual property and human capital is a powerful economic force. Intellectual property cannot be created, safeguarded, or developed without utilizing human capital.
Enhancing Intellectual Property Asset Management enables businesses to employ IP strategically as well as tactically. Companies can extract more value from their intangible assets (such as patents, trademarks and other IP assets) by having a more strategic approach towards managing them.
The Benefits of Strategic Intellectual Asset Management for businesses are: