Intellectual Property and Innovation

Open innovation Open innovation is an idea which has been aspired by most companies over the last many years. As a result of open innovation, many and new business players and models are appearing and thus the issues on intellectual property rights can be resolved satisfactorily in principle. The information and technology tools are becoming more available making its adoption to increase continuously despite the presence of some fundamental challenges. This paper is going to look at how licensing the intellectual property would help the business. It is also going to discuss the importance of exchanging ideas, intellectual property and knowledge in building and developing of new products by businesses. Thus, one of the core reason of getting involved in open innovation is to develop network of the business and collaborate so that we can generate more ideas.

Through collaboration with other partners for other fields, open innovation will create more opportunity for enhancing innovation through exploitation of the benefits which the firm obtains. Through open innovation, combination of ideas and knowledge should be expected. It should be noted that, the more knowledge an organization has, the broader the perspective for enhancing their innovation2 Challenges associated with open innovation Firm should be expected to face various challenges as they collaborate and get involved with the outside world. Many studies have identified some of the challenges that are associated with open innovation. According to the views from management, networking and collaboration opens a number of challenges as they try to capture adequate knowledge from almost all fields. These collaborations and networking have become kind of a challenge as different firms have different cultural and organizational issues mostly when a firm will start a collaboration with new partners from outside.

Nevertheless. Management teams should encourage people on a continuous basis to be more innovative regardless of the circumstances they may be going through. Additionally, effective communication especially on cultures and multi organisation is essential mostly when providing solution to solve the problems of the organization. When firms use openness paradigm, they cannot only use their intellectual property to the product to sell but as well as the motivated buyers if the intellectual property. This was introduced because it was realized that the control of important technology for a long period was becoming rare and the perception towards the intellectual property changed greatly. When intellectual property is saved and restricted only to the owner who to some extent is not utilizing it as it is expected, a financial loss may be inflicted especially when the property may be proven valuable.

It has been proved that most of the firms share their vital information partially which mostly regards the usage of the intellectual property. The reason why most firms do not disclose their intellectual property is because they are in their transition process whey they are moving from the dependent on closed innovation to open innovation strategy. Intellectual property rights has facilitated the grant of property rights over one’s knowledge and creativity of a person. This has enabled the owner of the knowledge and innovation to get the maximum commercial value of output of the human creativity and inventiveness. This is achieved by sharing, exchange or orderly use amongst different types of the firm partners through a complicated networks of strategic relationship which basically work harmoniously during the process of development of new product.

These strategic relationships are basically used to create and market new but improved services and goods both in export and domestic markets. The property right grant by the government although for a short period of time over the intangible intellectual good provides the owner the legal rights to the use of the property. According to Brandt (2002,) there are a lot of ideas born or created but most of them do not reach the incubation period. They do not enjoy the commercial success light5 Fundamental or technological basic innovations produce industrial branches and markets which are new for new products. These can be referred to as a disruptive or radical innovation. An incremental innovation results to improved commodity over the past ones in terms of reliability, quality, environmental protection, ease of use, labor cost, use of raw materials, and so on.

It may as well involve application of better and new production techniques or processes which allow new or old products to be the patents modified to be of better quality, more reliable or generally to be in large quantities or of low prices. It should also consider all the ranges of the intellectual property issues6 Role of Intellectual Property in Innovation Intellectual property plays a key role in minimizing the risks to the players involved. This has made them to harvest acceptable returns for taking part in the process of invention and innovation. It has also played great role in facilitating the innovative process to reach the desired market places. Most importantly, intellectual property play a great role in facilitating the competitiveness of the enterprises which are technology based7 Conclusion Invention should not be mistaken for innovation.