chapter 8 discussed the economic and commercial value and management of IP in the knowledge economy. It is important to note here why a working knowledge of IP is essential for strategic business management.
First and foremost, protection of knowledge assets through the acquisition of IP rights is an essential step in protecting the business asset base of the enterprise, which amounts in some businesses to 80 percent. Having a working knowledge of IP, therefore, is essential for business managers, accountants, and other personnel entrusted with business asset management in general.
Failing to understand and thus acquire IP to protect an organization's knowledge assets may seriously jeopardize the competitive advantage of a business unit. A working knowledge of IP is instrumental for a business unit's preservation and enhancement of its competitive power.
Failure to effectively protect IP may result in extensive losses, particularly at a time when misappropriation of trade secrets, pirating copyrighted works on the Internet and otherwise, producing counterfeit products, and infringing patents are on the increase. A working knowledge of IP is essential to devise protection plans and deter violation of the organization's rights.
A working knowledge of IP, particularly the primary form, is essential for the design of the appropriate ICM model since IPM is the final stage at which the value derived ...