TITLE:
Intellectual Property in Post-Corona Times: Managing the Future
AUTHORS:
Oliver Baldus, Thomas Heinz Meitinger
KEYWORDS:
Patents, Intellectual Property, Lean-IP, Corona, Controlling, Increasing Profits and Efficiency of Intellectual Property
JOURNAL NAME:
American Journal of Industrial and Business Management,
Vol.10 No.8,
August
24,
2020
ABSTRACT: After Corona times companies are more reliant on the optimum usage of their scarce production resources, like financial or human capital. Intellectual property, like patents, must be used as efficiently as possible. In this context, it is required to focus available financial resources on those property rights that yield to the greatest impact. Other patents that protect subject-matter of little or no interest to market participants waste company resources and form negative financial assets. Such subject-matter does not require patents as prohibition rights, since market participants voluntarily choose not to use the invention. Surprisingly, many firms often hold numerous self-generated patents, which they would never be willing to purchase from a third party. The methods of Lean IP facilitate cost savings for patent portfolio management of up to 90% without any loss of its original impact. All tools of Lean IP Management are directed to cost efficient handling of IP rights, while IP rights that form negative assets are consequently abandoned. One of the basic principles of Lean IP is: “Better few diamonds than tons of coal”.