Intellectual Property and Innovation
Expert-defined terms from the Professional Certificate in Entrepreneurship and Innovation for MBA course at London School of International Business. Free to read, free to share, paired with a globally recognised certification pathway.
Intellectual Property and Innovation Glossary #
Intellectual Property and Innovation Glossary
Intellectual Property (IP) #
Intellectual Property refers to creations of the mind, such as inventions, liter… #
IP is protected by law through patents, copyrights, trademarks, and trade secrets to ensure that creators have exclusive rights to their creations.
Innovation #
Innovation is the process of creating new ideas, products, or methods that provi… #
It involves transforming creative ideas into tangible solutions that solve problems or meet needs in a new or improved way.
Patent #
A patent is a form of intellectual property that gives the owner exclusive right… #
It provides legal protection for the invention, preventing others from making, using, or selling it without permission.
Copyright #
Copyright is a form of intellectual property that protects original works of aut… #
It gives the creator exclusive rights to reproduce, distribute, and display their work for a limited period, usually the author's lifetime plus 70 years.
Trademark #
A trademark is a distinctive sign, symbol, or logo used to identify and distingu… #
It provides legal protection for brand names and logos, preventing competitors from using similar marks that could cause confusion among consumers.
Trade Secret #
A trade secret is confidential information that provides a competitive advantage… #
This can include formulas, processes, customer lists, or other valuable business information that is not generally known to the public. Trade secrets are protected by keeping them confidential and taking reasonable steps to safeguard their secrecy.
Intellectual Property Rights (IPR) #
Intellectual Property Rights are legal rights that protect the creations of the… #
These rights give creators exclusive control over their intellectual property, allowing them to benefit financially from their inventions and creative works.
Intellectual Property Strategy #
An Intellectual Property Strategy is a plan developed by a company to manage and… #
This strategy may include identifying and protecting valuable IP, licensing or selling IP rights, and enforcing IP rights against infringement.
Intellectual Property Audit #
An Intellectual Property Audit is a systematic review of a company's intellectua… #
The audit helps companies understand their IP portfolio and make informed decisions about IP management.
Intellectual Property Portfolio #
An Intellectual Property Portfolio is a collection of intellectual property asse… #
Managing an IP portfolio involves acquiring, protecting, licensing, and enforcing IP rights to maximize their value and impact on the business.
Intellectual Property Valuation #
Intellectual Property Valuation is the process of determining the financial valu… #
Valuing IP helps companies assess the worth of their intangible assets, attract investors, negotiate licensing agreements, and make informed business decisions.
Intellectual Property Infringement #
Intellectual Property Infringement occurs when someone uses, copies, or distribu… #
This can include patent infringement, copyright infringement, trademark infringement, or trade secret misappropriation, leading to legal action to enforce IP rights.
Intellectual Property Enforcement #
Intellectual Property Enforcement is the process of protecting and defending int… #
This may involve sending cease and desist letters, filing lawsuits, seeking injunctions, or pursuing other legal remedies to stop unauthorized use of IP and seek compensation for damages.
Open Innovation #
Open Innovation is a collaborative approach to innovation that involves sharing… #
By tapping into a broader network of expertise and creativity, companies can accelerate innovation and bring new products to market more quickly.
Intellectual Property Licensing #
Intellectual Property Licensing is a legal agreement that allows a company to gr… #
Licensing IP can be a strategic way to generate revenue, expand market reach, and leverage the value of intangible assets.
Technology Transfer #
Technology Transfer is the process of moving scientific discoveries and technolo… #
This involves licensing or selling intellectual property rights, forming partnerships, or spinning off new ventures to bring innovations to market.
Intellectual Property Protection #
Intellectual Property Protection refers to the legal measures taken to safeguard… #
This can include obtaining patents, registering trademarks, securing copyrights, and maintaining trade secrets to prevent competitors from exploiting valuable IP assets.
Intellectual Property Policy #
Intellectual Property Policy is a set of guidelines and rules established by a c… #
A clear IP policy helps to define the rights and responsibilities of employees, contractors, and partners regarding IP management.
Intellectual Property Law #
Intellectual Property Law is a branch of legal principles and regulations that g… #
This includes statutes, case law, and international treaties that provide legal frameworks for patents, copyrights, trademarks, and trade secrets.
Intellectual Property Litigation #
Intellectual Property Litigation involves legal disputes over intellectual prope… #
Litigation may result in court proceedings, settlements, injunctions, damages awards, or other resolutions to protect IP rights.
Intellectual Property Assignment #
Intellectual Property Assignment is the transfer of intellectual property rights… #
This can involve assigning ownership of patents, copyrights, trademarks, or trade secrets, allowing the assignee to benefit from the IP assets.
Intellectual Property Due Diligence #
Intellectual Property Due Diligence is the process of investigating and assessin… #
Due diligence helps to evaluate the value, risks, and opportunities associated with IP rights before entering into a business transaction.
Intellectual Property Commercialization #
Intellectual Property Commercialization is the process of bringing intellectual… #
This may involve licensing IP, selling patents, launching new products, forming partnerships, or spinning off new ventures to monetize innovative ideas.
Intellectual Property Management #
Intellectual Property Management is the strategic planning and administration of… #
This includes acquiring, protecting, licensing, enforcing, and monetizing IP rights to support innovation, growth, and competitiveness.
Intellectual Property Innovation #
Intellectual Property Innovation is the use of intellectual property rights to d… #
By leveraging patents, copyrights, trademarks, and trade secrets, organizations can create a culture of innovation, foster creativity, and develop new products or services that differentiate them in the market.
Intellectual Property Monetization #
Intellectual Property Monetization is the process of converting intellectual pro… #
By monetizing IP, companies can unlock the value of their intangible assets and generate returns on their investment in innovation.
Intellectual Property Strategy #
Intellectual Property Strategy is a plan developed by a company to manage and le… #
This may involve aligning IP with business objectives, identifying key IP opportunities, and implementing measures to protect, enforce, and monetize IP rights effectively.
Intellectual Property Innovation Challenge #
Intellectual Property Innovation Challenge is a competition or initiative that e… #
This challenge may involve solving specific problems, creating new inventions, or improving existing processes through creative thinking and collaboration.
Intellectual Property Innovation Workshop #
Intellectual Property Innovation Workshop is a training session or seminar that… #
Participants learn about patents, copyrights, trademarks, and trade secrets, as well as strategies for protecting, managing, and monetizing IP assets to support business growth and success.