Innovation Management Chapter 6 Quiz: Managing Intellectual Property

Not properly identifying all of their IP, not fully recognizing the value of their IP, not legally protecting the IP that needs protecting, not using their IP as part of their overall plan for success

Patents, trademarks, copyrights, trade secrets

A contract between the government and an inventor that grants protection and prevents others from making, using, or selling the same idea/technology

20 years

Novelty, non-obviousness, industrial application (usefulness)

Patent and Trademark Offices (USPTO)

Intellectual Property (IP) is any product of human intellect that is intangible but has value in the marketplace.

A company's intellectual assets are more important these days because they provide core competency, competitive advantage, and financial returns.

The main idea behind protecting IP is to prevent assets and innovations from being used by others without permission.

It is recommended to seek legal advice from a specialized lawyer because legal protection for IP is complex and mistakes could lead to serious financial losses.

Firms can generate significant financial returns by licensing their IP to others.

Types of IPs mentioned include Patent, Design Patent, Trademark, Copyrights, and Trade Secret.

To grant inventors or discoverers rights over novel devices, products, processes, or materials.

Evidence of being first to market, establishment of the invention's start date, complete history and description of the invention, and claims for the product's usefulness.

Access to new knowledge, opening new markets, establishing technological leadership, enhancing reputation, setting standards, blocking similar developments, and converting competitors into defenders.

To protect the visual appearance of a product, not its features, and prevent others from using the same design.

A word, name, symbol, or device used to identify the source or origin of products or services and distinguish them from others.

It ensures the same rights and protection for all contracting states, offers national treatment, standardization, common rules, and right of priority.

selecting, searching, applying

It constitutes an attempt to mislead customers.

Rebranding, modernization, mergers and acquisitions, international expansion, repositioning, crisis management, legal reasons

Approximately 70 years

Original work, unpublished, recorded on a published physical tool, has creativity compared to previous work

To prevent others from printing, copying, or publishing original works of authorship

Literary works, musical compositions, computer software, dramatic works, pantomimes, choreographic works, and pictorial, graphic, and sculptural works

Examples of trade secrets include Coca-Cola recipe, KFC spices, and search engine algorithms. Measures to protect trade secrets include restricting access, labeling documents, password protecting files, maintaining logbooks for visitors, and ensuring overall security measures.

Firms need to protect their IPs to preserve core competences and maintain competitive advantages. Intellectual assets are often more important than physical assets.

As long as the idea or process remains a secret and has economic value.

To ensure existing IPs are protected and to identify works in progress for systematic documentation and protection.

Restricting access, labeling documents, password protecting files, maintaining logbooks for visitors, maintaining logbooks for access to sensitive material, and maintaining overall security measures.