Technology is driving growth in unprecedented ways. Rapid technology development and implementation of technologies such as artificial intelligence (AI) within products and services make the critical role of intellectual property (IP) even more apparent. Generally speaking, IP is often a valuable and flexible financial corporate asset for technology companies that serves as a key data point for corporate valuations and investment. Every stakeholder, from the software developers to top management must aggressively participate in IP strategy for optimal results.
Canadian technology companies are becoming more concerned about their IP rights and those of their competitors. A recent Intellectual Property Awareness and Use Survey (IPAUS) report found that half of the businesses that own IP credit it with improving their success including competitive advantages, reputation, and goodwill as well as increased revenues. About half of information and clean technology companies were found to own at least one type of IP. However, a substantial number are not taking full strategic advantage of their IP assets to establish competitive advantage and increase profitability.
To bolster harvest innovation, technology companies are specifically focusing their attention on how their innovators innovate and empowering them to identify promising ideas for patent or trade secret protection. These efforts along with deliberate streamlining of the IP protection process with the coordinated help of internal or external IP counsel can bear valuable fruit.