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INNOV CHAP 4-7 > Chapter 7: Intellectual Property Management in Innovation > Flashcards

Chapter 7: Intellectual Property Management in Innovation Flashcards

1
Q

refers to creations of the mind

A

Intellectual Property (IP)

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2
Q

Intellectual property refers to creations of the mind such as

A

inventions, artistic works, designs, names, and symbols used in commerce.

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3
Q

o It gives the creator exclusive rights to use and benefit from their creations for a certain period.

A

Intellectual Property (IP)

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4
Q

Importance of IP in Innovation:

A

o Protects the rights of innovators and creators.
o Encourages investment in research and development.
o Fosters creativity by ensuring ownership and profitability.
o Prevents unauthorized use or copying of innovations.

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5
Q

Types of Intellectual Property

A

Patents
Trademarks
Copyrights
Industrial Designs
Trade Secrets

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6
Q

o Protect inventions or processes that offer a new way of doing something or solve a specific
problem.

A

Patents

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7
Q

Duration of patents

A

20 yrs

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8
Q

o Examples of patents

A

Pharmaceutical drugs, machinery, software algorithms.

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9
Q

o Protect logos, names, symbols, or designs that distinguish products or services.

A

Trademarks

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10
Q

Duration of trademarks

A

Can last indefinitely if renewed periodically.

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11
Q

Examples of trademarks

A

Nike swoosh, Coca-Cola logo.

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12
Q

o Protect original artistic and literary works, including books, music, films, and software.

A

Copyrights:

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13
Q

Duration of copyright

A

Life of the author plus 50–70 years (varies by jurisdiction).

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14
Q

o Examples of copyright

A

novel, a song, or a video game.

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15
Q

o Protect the aesthetic aspect of an object, such as its shape, pattern, or color.

A

Industrial Designs

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16
Q

o Duration of industrial designs

A

Typically 10–15 years.

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17
Q

o Examples of industrial designs

A

Unique furniture designs, car designs.

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18
Q

The process of identifying, protecting, and leveraging intellectual property to maximize its value for innovation and business growth.

A

Intellectual Property (IP) Management

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18
Q

Duration of trade secrets

A

No expiration as long as confidentiality is maintained.

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18
Q

o Protect confidential business information that provides a competitive advantage.

A

Trade Secrets

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18
Q

o Examples of trade secrets

A

Coca-Cola recipe, KFC spice blend.

19
Q

Key Steps in IP Management:

A

o Identification
o Protection
o Enforcement
o Commercialization

20
Q

Determine what aspects of the innovation can be protected as IP.

A

Identification

21
Q

Apply for patents, trademarks, copyrights, or other IP protections.

A

Protection

22
Q

: License, sell, or use the IP to generate revenue.

A

Commercialization

22
Q

Monitor the market to prevent infringement and take legal action if necessary.

A

Enforcement

23
Q

Role in the Innovation Process:
.

A

o Idea Stage
o Development Stage
o Market Launch

24
Q

: Identify potential IP from the start.

A

Idea Stage

25
Q

: Secure IP rights before sharing with partners or stakeholders.

A

Development Stage

26
Q

: Use IP as a competitive advantage to protect the innovation

A

Market Launch

26
Q

Strategies for Effective IP Management

A
  1. Develop an IP Strategy
  2. Conduct Regular IP Audits
  3. Monitor Competitors and the Market
  4. Use Licensing and Collaboration
  5. Educate Teams About IP
27
Q

o Align IP protection with business goals.

A

Develop an IP Strategy

28
Q

o Identify existing IP assets.

A

Conduct Regular IP Audits

29
Q

o Stay updated on industry trends to identify potential infringements.

A

Monitor Competitors and the Market

30
Q

o License IP to other businesses for additional revenue streams.

A

Use Licensing and Collaboration

31
Q

o Ensure employees understand the importance of IP and their role in protecting it.

A

Educate Teams About IP

32
Q

o Collaborate with partners to co-develop and share IP.

A

Use Licensing and Collaboration

33
Q

o Ensure compliance with IP laws and renew protections as needed.

A

Conduct Regular IP Audits

34
Q

o Prioritize protecting critical aspects of the innovation.

A

Develop an IP Strategy

35
Q

Challenges in IP Management

A
  1. Cost of Protection
  2. Global IP Enforcement
  3. Infringement Risks
  4. Mismanagement of IP Assets
36
Q

Filing and maintaining patents, trademarks, or copyrights can be expensive.

A

Cost of Protection:

37
Q

o Laws and regulations vary across countries, making enforcement complex.

A

Global IP Enforcement

38
Q

o Competitors or third parties may attempt to replicate or steal innovations.

A

Infringement Risks

39
Q

o Failure to identify or protect IP can result in lost opportunities or disputes.

A

Mismanagement of IP Assets

39
Q

Case Studies in IP and Innovation

A
  1. apple inc.
  2. dyson
  3. coca-cola
40
Q

o Leveraged patents to protect groundbreaking technologies in smartphones and computers.

A

Apple Inc.

41
Q

o Invested heavily in protecting vacuum cleaner innovations, ensuring dominance in the market.

A

Dyson

42
Q

o Maintains trade secrets to safeguard its iconic beverage formula.

A

Coca-Cola

43
Q

is critical for safeguarding innovations and maximizing their value.

A

Intellectual Property Management

44
Q

 Effective IP management fosters

A
  • creativity
  • secures competitive advantages
  • drives economic growth
45
Q

must stay informed about IP laws and adopt proactive strategies to protect
and leverage their intellectual assets.

A

Innovators and businesses

INNOV CHAP 4-7 (4 decks)

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