Chapter 3. The Virtual Asset-Lite Model: Intellectual Property Licensing

 

“To the winner of the race will go possible Nobel prizes and huge potential profits.”

 
 --The Genome Gold Rush
 

“Priceline will reinvent the DNA of global business.”

 
 --Jay Walker

The advent of the New Economy created another twist on innovation. It wasn't just a New Economy; it was now a Knowledge Economy, too. The concepts of innovation and intellectual property (IP) became inextricably intertwined. The most valuable venturing was virtual—building a firm around IP. Patents were the strongest form of currency, not just onerous paperwork. IP licensing was no longer viewed as a mundane legal process. Instead, it was a core corporate strategy and a legitimate, lucrative business ...

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