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Using IP in Business
Protecting Intellectual Capital
"
Intellectual capital" is the sum of an organization's
ideas, inventions, technologies, brands, general knowledge, software,
designs, processes,
etc. (i.e. knowledge that can be converted into profit)
Intellectual capital is a broad term used to identify all knowledge
assets of an organization such as ideas, inventions, technologies,
brands, general knowledge, software, designs, or processes. In addition
to the
knowledge assets mentioned above, the intellectual capital may also
include the experience and skills of the employees and their ability
to acquire more knowledge. In general, the intellectual capital is
formed of that non-common knowledge that might have value for a competitor.
In this knowledge-based economy, the strategic use of the intellectual
capital has become one of the most important aspects of running a
successful
business. More and more SMEs realize that they may extract more value,
and in an easier way, by strategically using their intellectual capital
instead of competing on price alone.
The formal ownership of most of intellectual capital is done through
IP
Quite often, the most important knowledge asset of an organization
is its intellectual property (IP) since it may be better identified,
valued
and legally protected. In Canada, the IP assets that may be protected
by formal legislation are patents, trade-marks, industrial designs,
copyrights, integrated circuit topographies, and plant breeders'
rights. Know-how and trade
secrets are forms of IP that are not
protected
by formal legislation but are provided national and international
value.
The strategic management of IP assets can give a company a proprietary
market advantage, improve its financial performance, and enhance
its competitive advantage. It is, therefore, important that SMEs
have
a proactive approach to stimulate the creation and wise management
of
their IP assets.
Next: Strengthening Non-disclosure
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