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“The patent system adds the fuel of interest to the fire of genius.” – Abraham Lincoln
In the pursuit of an organization’s growth, development, and competitiveness, intellectual property plays a major role. In General, one of the main reasons behind the 21st century’s economic growth is the expansion of knowledge. Due to this reason getting intellectual property rights have become an integral part of company’s strategy.
The innovation process and business production operations both are rapidly going global at the same time. That’s why to remain competitive in the globalized market organizations have to maintain, modify & establish institutional & legal frameworks to support the generation of knowledge.
Intellectual Property Rights play an important role for intellectual assets to become commercially viable. The rate of the invention is accelerated by well-designed intellectual property rights systems that encourage inventors to share their knowledge so that later innovators can build on it.
IP commercialization is the process of making an innovation or creation into a successfully marketable good, service, or method. Before bringing the results of research to market, commercialization may require additional R&D, product advancements, clinical trials, or the creation of methodologies to scale-up production.
Intellectual property can be commercialized through a variety of business contracts, sales, assignments, and licensing. Commercializing IP will encourage financial inflow in the organization. Since intellectual property is one of the most valuable assets for a company’s success, it is critical for a company to understand the worth of these assets and commercialize them so that they can benefit from their innovations.
An IP asset’s value is established by its commercialization, not by its creation. It is essential to commercialize intellectual property because it enables businesses or creators to ask for a cut of what people spend on their innovations.
Wissen research has an established track record and expertise aiding clients with patent monetization. We have supported lone inventors, institutions, and private businesses with their commercialization strategies. We have the expertise to build business models and the necessary business strategies, as well as to craft a winning commercialization and IP strategy for both domestic and foreign markets.