3 Things Every CEO Needs to Know About Patents
September 15 2011 by ChiefExecutive.net
Intellectual property is one of your most important assets, if not your most important asset. Though you’re aware of this already, you may not be taking advantage of or protecting your IP in the way that you should. This week, Forbes covers Google’s recent $12.5 billion acquisition of Motorola and explains why the move was smart for Google even though Motorola has been losing in the handheld market.Google isn’t after Motorola for its current share of the cell phone market;
Google is after Motorola for its extensive portfolio of 17,000 patents. That patent portfolio was incentive enough for the internet giant to invest.
So your company may not be looking to make a multi-billion dollar acquisition just for the rights to intellectual property, but it is important for you, as a CEO, to understand the value and the risks of patents.
article in Forbes lists three things that every CEO needs to know about patents:
- Align your IP strategy with your business strategy: the two should go hand in hand and you should not invest in patents that won’t further your ultimate business goals
- Purchase all of the IP relating to your strategy: make sure you know where your business is headed and get important patents in emerging markets; don’t let your competitors get to them first
- Take a look at your internal stock of patents: your company may be holding onto millions of dollars of revenue in patents that you aren’t even using; make sure you take a full inventory of your IP