The value of a business is typically measured in dollar and cents, but it's arguably the intellectual property of a company that makes up its true worth. And while patent and intellectual property dispute cases have been commonplace since the 1500's, they’ve received heightened focus over the last two decades. This is due in part to the rise of non-practicing entities (NPEs), but there is something to be said for the complexity of the patents involved in running businesses.
The Wright brothers may have been put to task over the patents in the original airplane for example, but the patents in a Boeing 787 Dreamliner are more complicated and prolific than anything litigated in the brothers’ lifetimes. Add to this the fact that most companies now rely heavily on a revolving stable of software-based innovation and it's easy to understand why IP battles seem so much more commonplace in the 21st century.
Increased focus on IP
While the NPE trend may be the most prevalent source of intellectual property frustration for organizations, growing awareness about the value of intellectual property is also driving its priority at the business level.
Strategies for success
While NPEs and increasing awareness from the board are concerns for companies, with the right organizational dynamics and consultation, these challenges are surmountable. Building a team is the first step towards achieving that goal.