In today’s knowledge economy, the intangible assets that stem from the innovation process account for a significant portion of a company’s value. This, in turn, means that managing and protecting these intangible assets – this knowledge, have become a part of an organization’s strategy. We discussed this topic in our recent IP Forum and continue the conversation here as part of our ongoing blog series.
This shift in the innovation process has placed two disciplines that are often treated independently, knowledge management and intellectual property management, under scrutiny. As the dynamics of successful innovation continue to evolve and impact the way innovators capture and protect new ideas, how can the IP function partner with R&D to capture and secure new knowledge, and as a result, empower innovation?
These are just some of the topics that we discussed with innovation leaders from Arthur D. Little, Corning and Koch Disruptive Technologies in the session, “Advancing knowledge capture in the innovation process”, at our recent IP Forum. You can watch this session on demand, here.
We have listed some of the key takeaways from the session, below:
What makes a successful innovation program?
Strong leadership that drives, champions and challenges R&D and building a strong culture of innovation are key. So is having the right tools and ability to filter ideas and weigh them against an organization’s value drivers so that great ideas of strategic, commercial value are moved along the innovation process.
Effective knowledge capture and management
There is no one-size fits all approach but there are some general guiding principles to consider such as: define clear rules, responsibilities and incentives for people to participate in knowledge sharing; develop a feedback loop and a system that allows for both quick value creation and capturing lessons from failed projects.
How collaborating with the IP function can drive innovation
The IP function can act as an advisor early in the innovation process to offer practical advice on what kind of innovation should move through the pipeline. Involving IP early in the innovation process can ensure that patent protection is neither an after-thought nor is it completely missed.
How data and analytics can play a vital role in an innovation program
There is a wealth of data, both from internal and external sources, but what is critical is to find actionable insights from data that can drive decision making. Patent data is often very useful – to pinpoint areas where there is a lot of activity, identify white spaces or look across industries for inspiration.
This post is the second in our three-part series about the IP Forum. You can read our first post about what metaverse and non-fungible tokens (NFTs) mean for IP, here. Up next is our blog about the evolving roles of IP professionals. Stay tuned for more updates or watch the full session from our IP Forum 2022 on demand.
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