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Innovation and IP Protection

- 15 Jan 2021
• Innovation is used here to refer to the process of bringing valuable new products (goods and services) to the market i.e., from idea/concept formulation stage to the successful launch of a new or improved product in the marketplace2 or the outcome of that process, so as to meet the explicit or implied needs of current or potential customers. innovation carries with it a much wider concept that goes beyond invention.
• The twelve forms of business innovation are Offerings, Platforms, Solutions, Customers, Customer experience, Value capture, Processes, Organization, Supply chain, Presence, Networking and Brand innovation.
• The ultimate cause of all innovation is human creativity. it requires a workable structure of incentives and institutions. Government policies that foster the right enabling conditions for innovation, and that allow entrepreneurship and markets to flourish, can provide a climate that encourages innovation and economic growth in the 21st Century.
• The core conditions that foster innovation and encourage economic growth
• vigorous competition and contestable markets;
• a strong and sustainable fundamental research and development infrastructures;
• sound policies and mechanisms to promote the science-innovation interface;
• efficient and transparent regulatory systems; and
• a strong emphasis on education at all levels.
• Open innovation - Where there is an increased co-operation between companies, sharing visions, knowledge and resources. Collaboration stretches research dollars further, spreads risk, favours serendipity, propagates skills, and builds critical mass.
• The core elements to identify valuable patents are technical brightness, legal strength and economic potential.
• Empirical evidence indicates that generally small and medium-sized enterprises (SMEs) are more inclined to use trade secrets rather than patents to protect their inventions and to sustain competitiveness.

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