Defining intellectual property (IP) ownership is important because it establishes exactly who has the right to use, protect and exploit the relevant IP assets by:
1. PROVIDING LEGAL CLARITY
Formally defined IP ownership will help you avoid costly and disruptive legal disputes. These conflicts can easily arise if it is not clear who owns each IP right.
2. OFFERING GREATER PROTECTION AGAINST INFRINGEMENT
When you know exactly who owns specific IP rights, you know exactly who has the authority to take legal action to enforce these rights against any unauthorised use or reproduction.
3. FACILITATING LICENSING AND OTHER REVENUE GENERATING OPPORTUNITES
Structured and defined IP ownership makes it easier to monetise your IP by entering into licensing arrangements or collaboration agreements or transferring your IP for a fee. Better still, the stronger your ownership is, the better the fees you will be able to negotiate!
4. ENCOURAGING GENUINE COLLABORATION
When you work in a collaborative setting - for example, a research facility or as part of a joint venture - all the involved parties need to know their rights and responsibilities from day one. Defined IP ownership will help you achieve this clarity.
5. MAKING IT EASIER TO ATTRACT INVESTMENT
Investors will almost certainly assess the ownership of your IP when considering whether to make an investment. This means your ownership must be clearly defined.
6. SMOOTHING INTERNAL PROGRESS
Any ambiguity regarding IP ownership can hinder decision-making and delay projects from progressing. Clearly defined IP ownership eliminates this ambiguity so you can push projects forward more easily.
Finally, there is also an argument that establishing clear ownership for IP rights can encourage greater innovation in the future. If your inventors know that they or, at least, the business they work for will retain the ownership of their hard work, they could well feel more motivated to keep creating new ideas.
Jesper Sellin will explain more about how you can structure the ownership of your IP to ensure you enjoy all these benefits and are best placed to maximise the value of your innovation at Medicon Village on Wednesday 18 October.
Register for the event here.