Intellectual Property Commercialization - Essay Example

INTELLECTUAL PROPERTY COMMERCIALIZATION Task MEMO A consultant The manager of the Australian company Intellectual Property Commercialization Forms of IP security to ensure effective management of air purifiers Electric air purifier is a strategic invention that seeks to revolutionize health and safety standards globally. There are diverse forms of IP security guidelines that provide institutions with requisite capacity to safeguard their inventions. This enables absolute protection on the exclusive rights to production and invention of goods and services. Currently, it is imperative for institutions with strong performance orientation to adopt major IP protection guidelines to secure their practices (Concept Foundation 2007)1. IP security forms or guidelines include patent authorization, trade secret and trademark. These elements are critical in ensuring sustainable growth and product security from unwarranted imitations or claimer of discontent. In particular, patent which is an exclusive right given for invention and production of goods including services is vital for the development of air purifiers. Patent rights give the innovator the authority to claim ownership of the idea and production of the products. Consequently, it provides requisite capacity that prohibits competitors or unknown individuals to claim ownership of a company’s idea. Company A, should integrate its practices to ensure that its innovations and creative idea is protected adequately under patent regulations rights (Andersen 2006)2. This draws a distinction between property owners and developers from unscrupulous individuals who seek to benefit from unwarranted sources. Similarly, Company A, should adopt trade secret system of property security, which is a viable form of IP. The element provides superior protection system to property invention and production guidelines that facilitate limited imitation. It protects innovative ideals of production from various individuals who would adopt such standards for competitive purposes. Ideally, Trade secret facilitates company’s and product registration and protects its information from being accessed by various competitors. The element would contribute in protecting the air purifier concept and development. Additionally, effective trademark system that equivocally defines an institution and its core products is also viable. IP form aids registration of the company’s by names and product portfolios to ensure distinct identity. Therefore, the elements are vital in ensuring superior management of air purifier identity in the company. Parts and accessories of electric purifiers Electric air purifier is a comprehensive model that is made up of various parts and accessories that facilitate its functioning. Its parts includes odor absorber plus, HEPA odor fighting vacuum bags, oreck vacuum bags, turbo brush attachments and oreck magnesium vacuum bags. These parts play various roles in facilitating effective functioning of the purifier. In particular, odor absorber plus enhances absorption of nasty odor from the environment and purifies it to produce safe air with limited complications. HEPA fighting vacuum is a filter media that enhances the machines capacity to capture fine particles that may pose danger. Consequently, oreck vacuum bags are designed to absorb or breakdown the designated gases including chemical materials that may be harmful. Understanding of the significance of these parts by the company officials is vital for ensuring superior functioning of the purifier. Steps the company should undertake to perfect each form of IP protection Each form of IP is essential in facilitating growth and development of air purifiers with limited trade complications. In particular, the company should sign corporate agreements to guarantee that its registered name and product range is widely known to eradicate imitation. It should also provide patent rights to strategically and indentified partners to act as distributors in various nations to manage the patent rights on their behalf in respective nations (Degeeter 2004)3. This is a viable way to ensure that the business concept is not imitated without their knowledge. Copyright protection and global registration of business operations is also vital to facilitate the company’s growth and product identity. Potential problems in securing and perfecting IP rights with possible solutions There are various problems that influences securing and perfection of IP protection rights. Indeed, obtaining the rights for example patent protection authority involves various procedures and compliant capacities that hinder its timely attainment. The process of attaining the right differs in various jurisdictions and the procedures involved are tiring to inventors. Similarly, resource requirements by IP providers also presents a major challenge in securing and perfecting IP rights. Acquisition of these rights requires substantial amount of resources that SMEs may not be able to afford. This factor has hindered adoption of these rights that are vital in strengthening companies. Consequently, poor legal guidelines and attitude of global officials affects the attainment of the rights through inefficiency in imitation claims investigations. Authorities have not been swift enough to guarantee adequate security of individual innovations. Consistent trade counterfeiting and copyright piracy also hinders securing and perfection of IP protection rights which should be addressed amicably. Solution to these issues requires comprehensive guidelines that ease attainment of the rights with effective law enforcement to eradicate unfair practices that may compromise inventor’s ability to benefit. Resource requirements and attitudinal change is also critical towards enhancing innovation and ensuring adequate protection to existing inventions. Commercialization strategies for the device Commercialization strategies are potential guidelines that ensure company’s viability and adoption of superior business policies. Company A should adopt production strategies that are commercially viable and technological oriented to enhance its achievements. Ideally, adoption of superior commercials strategies requires proper planning and identification of relevant potentials. The strategies includes effective marketing plan, integration of security rights, effective cost identification, development of a viable product design and superior revenue planning (IP Office. 2009)4. These strategies are vital towards turning an invention into an evident resource with requisite capacity to transform lives. Indeed, the company must consider the cost of producing air purifiers and availability of raw materials that are required to facilitate the invention. Cost element is vital in any commercial setting given that its implications define the overall performance. Product security and design are crucial elements for a company that seeks commercial viability. Company A should secure its innovation of air purifiers through recognized IP protection standards and design its model appropriately. This would limit unwarranted imitation and development of wasteful structures of air purifiers. Imperatively, requisite measures to counter effects of these factors in realization of superior performance includes adoption of superior marketing strategies that would advance sales of the purifiers thus leads to profitability. Integration of effective product security systems and design techniques is also essential towards protecting the products identity with low cost of manufacturing. Ideally, company A must undertake a detailed evaluation of their capacities with an aim, of devising viable strategies that are commercially informed. Potential problems in commercialization with possible solutions Potential issue that may hinder successful execution of this noble invention includes trademark counterfeiting that has hampered operations in various companies. It involves use of a corporations trade and product identity without permission. The vice can be countered through adoption of stringent laws that would impose tougher penalties to the culprits. Similarly, copyright piracy is an element that promotes low performance in institutions. The vice must be countered adequately through superior legislation to enable inventors to benefit from their inventions. Part 2 1. “Best ways to maximize revenue from commercializing an invention that has broad application in industries”. The best ways for the company to maximize revenue is by ensuring that they have exclusive patent rights for the production of the electronic purifier within the global market. In cases, where they outsource the manufacture of the purifier, company A will have to use locally available material that will cost less during production. They should also utilize the work force in the respective regions where they operate when developing the electronic air purifier (Touhill, Touhill & Oriordan 2008)5. Furthermore, there has to be simplicity in the design of the air purifier to simplify its use amongst clients who intend to purchase the product (Kieff & Paredes 2012). Creativity ought to be embraced in devising various designs for the product to avoid imitation of the electronic air purifier by the competing companies. Prior to marketing the product, it is necessary to conduct a research to analyze previous strategies used by other companies in maximizing revenue for their operations (Kieff & Paredes 2012)6. According to Degeeter (2004), the use of modern technology will be fundamental in the assembling the air purifier. Alternatively, Company A should segment their market and target clients initially neglected by other industries, which manufacture the same product. Moreover, they have to take advantage of having the capability to produce the cheapest air purifier in the market. In order to maximize revenue, it will be necessary for company A to customize their merchandise to address the needs of clients from different regions of the globe. Company A has to outsource some of their production either through purchasing specific component parts from a reputable company. Subsequently, in maximizing profits, the packaging and pricing strategies of company A should meet the right standards to ensure the products entice its clients (Kieff, & Paredes 2012). It is important to establish an effective distribution pathway for the product in the market as a strategy for increasing earnings. Ideally, the management should ensure that the development and innovation of the air purifier is a continuous process to make it difficult for people intending to counterfeit their products. 2. “In general, what is/are the best form(s) of IP to protect an innovation to be marketed worldwide from piracy and unauthorized commercialization, and what are its/their major drawbacks and the best solutions for each?” Patent The best IP to safeguard an innovation is using patent rights; thus, company A has to acquire exclusive rights for the use and ownership of the electronic air purifier. This process will face challenges in foreign countries especially in preventing individuals who claim to be the pioneers of the ideas, such as the Germany international Company. Interestingly, utility patent can result in the creation of monopolies instead of devising laws that protect the rights of the products developer (Andersen 2006). Trade secret Secondly, trade secret as a form of IP will assist in protecting the innovation of the electronic air purifier. However, this will make it difficult for academic institution to research about the product. ‘Know how’ IP rights will also be suitable only if it does not complicate the funding process in cases where an organization intends to collaborate with company A in the production of the air purifier. To avoid the aforementioned challenges, company A should ensure that products serve the public interest first before focusing on making profits. According to Kieff & Paredes (2012), it will be complex for corporations to handle issues of intellectual property rights because company A deals with the manufacture of health and safety appliances. However, patent rights require that the affiliates and innovators of company A make a written agreement with the company. Lastly, the production of an environmentally friendly yet portable air purifier will force competing international companies to respect innovation of company and thus giving them undisputable IP right. Copyright Copyright is also the best form of IP protection since it hinders individuals from counterfeiting similar goods. Copyright applies to all the original works since one acquires it immediately after coming up with innovative work. The advantage of using this form of IP protection is that immediately after one registers for it, he/she gets a certificate, which can settle a dispute in a court of law. Copyright can be used in one’s country and internationally for free (IP Office 2009)7. Copyright protection enables one to license his copyright so that other individuals can use it, and still maintain the ownership (IP Office 2009). One main drawback of using copyright protections is that, other people fear to build on ones original work. 3. “Today the market for many things is global. Unfortunately, IP laws and customs are not the same everywhere”. “Briefly describe how you would explain these facts of modern life to a client interested in global marketing for the first time”. “Recommend practical ways of reducing the expense that these facts of life might cause”. The purpose of the IP law it to make it easy for the commoditization of symbols. Currently, many commodities are marketed globally however; the IP laws and customs vary in every country. The dissimilarities of the IP laws result from, the interpretation of the lawful property status and the division of the intellectual property into categories, which vary greatly in the global market. The IP protection started being a serious issue in the nineteenth century, and until now, it is still a very complex issue. The laws and the customs vary from country to country because of the dissimilarities in the political climate in all states. This has affected of the available IP protection, because the legislation and treaties, which are different, do not address the protection procedures in the same ways (Wells 2011)8. People often assume that the IP laws apply everywhere similarly. For instance, people assume that the trademarks in their own countries are also protected in other countries. If one has registered his trademark in the U.S. alone and he sell his or hers commodities globally, there are chances that businesspersons from those other countries will copy his trademark. The US registration will not have the power to stop the individuals from other countries from using a US citizen’s trademark (Wells 2011).Because of the dissimilarities in the IP protection globally; there are chances that two individuals in different countries are using the same name. Recommendation As a means of preventing individuals from other states from using a person’s trademark, entities should ensure that they are recognized globally. Additionally, an individual should ensure that he signs agreements connected with exports. One can do this by creating a contract clause, which will help in the prohibition of registering one’s trademark in other states by his rivals. List of References Andersen, B. 2006. Intellectual property rights: Innovation, governance, and the institutional environment. Cheltenham, Elgar. Concept Foundation. 2007. Use of trademark in a plant-licensing program, viewed at Degeeter, M. J. 2004. Technology commercialization manual: Strategy, tactics, and economics for business success. Champaign, Med-Launch, Inc. IP Office. 2009. Benefits of copyright protection, viewed at Kieff, F. S., & Paredes, T. 2012. Perspectives on commercializing innovation. Cambridge University Press, New Jersey Touhill, C., J., Touhill, G., & Oriordan, T. 2008. Commercialization of innovative technologies bringing good ideas to the marketplace. John Wiley & Sons, Hoboken. Wells, N. 2011. Eleven costly branding mistakes that U.S. Exporters make. Viewed at http://www.wellsiplaw.com/?p=529 Read More