Edison in the Boardroom: How Leading Companies Realize Value by Julie L. Davis

By Julie L. Davis

Julie L. Davis and Suzanne HarrisonToday's organisations are continuously looking for interesting new and leading edge rules that may be used to generate profit. Up till lately, this intended taking those principles and turning them into service or product, which can then be offered for revenue. yet this present day, a different new notion is revolutionizing the way in which businesses have become worth from rules. rather than incorporating them into services or products, latest strategies could be bartered, authorized or bought within the "idea" level for super quantities of cash. for instance, IBM presently gets good over $1 billion in profit each year from licensing its highbrow estate, unrelated to the manufacture of a unmarried product. at the present time an increasing number of businesses are adopting this concept of turning their criminal departments, the place highbrow estate is housed, from fee facilities into revenue centers.Edison within the Boardroom: How best businesses become aware of price from Their highbrow resources takes an in-depth examine the progressive suggestion of highbrow asset administration (IAM). IAM is altering the way in which businesses around the globe are doing company. of their careers as company specialists, the authors were privileged to fulfill people who have been sincerely prior to their time whilst it got here to knowing worth from their businesses' techniques. according to their interactions with the ICM Gathering--an foreign crew of businesses who meet numerous occasions a 12 months to create, outline and benchmark top practices within the sector of IAM--the authors have compiled a wealth of information and profitable tales that illustrate how a ways companies have are available their skill to leverage and monetize their highbrow assets.Incorporating tales and teachings from essentially the most profitable businesses within the worlds -- similar to Hewlett-Packard, IBM, Procter & Gamble, Rockwell, Dow, Ford and so forth -- the authors have made an exhaustive examine of IAM and its implications for latest companies. they've got culled a hierarchy of most sensible practices that latest businesses can combine into their very own company philosophies to achieve the easiest go back from their highbrow resources.

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Coarse Valuation of Opportunity Each innovation of potential interest should be “valued” before it is reviewed for use. “Valuation” in this sense is a bifurcated process. The first part of the valuation process is to narratively describe how the intellectual property is expected to bring value to the firm. Following this qualitative valuation, and where it is possible to do so, the firm should attempt to quantify the amount of value it expects the innovation to provide. qxd 5/7/01 3:26 PM Page 17 INTRODUCTION: THE EDISON PROPHECY EXHIBIT 7 17 Continued A Simple Competitive Assessment While competitive assessments in business are commonplace, the competitive assessment contemplated here is one that is focused on the intellectual property of the competitition.

Encourage work groups. Structuring work groups not only improves performance but also contributes to self-esteem and sense of empowerment. Communicate, communicate. Organizations can encourage innovation by showcasing successful innovations through vehicles such as company newsletters, press releases, and rallies. If senior management sees barriers to innovation in the organization, the communications can explore these as well. Include innovation in the company’s appraisal program. Leadership skills, technical competence, relationships with others, judgment, and creativity, can all be measured, coached, communicated, and encouraged.

Qxd 5/7/01 3:27 PM Page 23 LEVEL ONE—DEFENSIVE B EST P RACTICES FOR THE 23 D EFENSIVE L EVEL What, then, is the best way to defend IP assets? The current practice of defense is adequate, but not ideal. Having an exclusive, permanent defensive mentality can cause companies to incur unnecessary costs and forsake opportunities for revenue. To be an “Edison in the Boardroom” requires a pragmatic approach— one that adopts certain best practices. So let us look at the practical application of defensive IP management, and examine some of the best practices used by other defenders.

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