Collaboration in Intellectual Property: An overview
The administration and lifecycle management of IP rights in companies and other entities involved in filing patents to protect their innovations is commonly referred to as IP Management.
Traditionally, inventions are developed in a closed and secure environment and in most cases entirely in-house. Over time such closed approaches have acceded to collaborations. Such co-inventive and co-development contracts have become common among established players in the industry. Usually, these agreements presume subsequent licensing accord with a third party or co-promotional agreement between the collaborating companies if they plan for commercializing the product or service developed through their coordinated endeavors.
In most cases, it is far more effective for multiple organizations to work together in developing a complex technology rather than attempting such a huge task in-house individually. Collaboration allows a group of corporations to work up to their full individual strengths at a much lower expense. This results in a superior product with a larger commercial perspective.
Advantages of IP Collaboration
Key benefits of IP Collaboration include complimentary development of the involved parties, creation of a new market, superior technological advancement, better product/service, and customer satisfaction. Patent pooling offers a variety of benefits and paybacks for organizations to cooperate leading to a successful IP collaboration.
Collaboration divides the effort and increases the efficiency of the firms exploring the same technological area. Even in the automotive industry, the ‘Big Four’ Japanese motorcycle brands — Honda, Yamaha, Suzuki, and Kawasaki are collaborating in IP regarding the development of electric vehicle — battery swapping technology.
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