IP in the Future
The pace of global, technological, economic, and social change is accelerating. This is testing the strength of the intellectual property (IP) system, the value of IP rights, and the ability of IP organizations and practitioners around the world to respond in a nimble and robust way.
To address these challenges, INTA initiated a large-scale project in early 2019 that included the Intellectual Property Office (IPO) of the Future Think Tank, the In-House Practice (IHP) of the Future Thank Tank, and the IP Law Firm (IPLF) of the Future Think Tank.
Each was tasked with the same objective: exploring the issues facing IP in the future. Each think tank undertook this forward-looking study from their specific lens—of IPOs, in-house practitioners, and law firms.
INTA today released the complete report “The Intellectual Property Office of the Future,” and executive summaries of the “In-House Practice of the Future Think Tank” report, and the “IP Law Firms of the Future Think Tank” report.
The findings are being discussed today, 9:30 am–11:00 am (EST), and Thursday, November 19, 9:30 am–11:00 am (GMT+8) during Town Hall: IP Practice of the Future—A View from Intellectual Property Offices, In-House, and Law Firm Leaders.
A Changing World
The IPO of the Future Think Tank’s report presents a holistic view of the present and future issues confronting IPOs worldwide—looking 10 to 20 years ahead—and explores how they can best respond and adapt.
Facilitated by INTA, the IPO of the Future Think Tank is an independent group of 14 current and former heads of IPOs from Australia, Canada, Chile, Europe, France, India, Mexico, the Philippines, Singapore, South Africa, Uganda, and the United States. The report reflects the collective input of these experts.
“With so much change occurring simultaneously, we must ensure that IPOs of the future are nimble and robust enough to absorb, manage, facilitate, and enable change,” the report said.
Among the changes impacting IPOs and IP stakeholders, the report cites, among other developments, the rising importance, volume, and complexity of IP rights; the emergence of new countries as IP powerhouses; the strengthening of global trade; the changing nature of work with disruptive technologies; and the increasing use of alternative means to resolve IP rights disputes. Subsequently, while IPOs are still performing traditional tasks, many are increasingly taking on additional ones—resulting in a diversity of roles among IPOs across the globe.
“While there is no one-size-fits-all approach that fits all jurisdictions, there is a commonality of key interests and vision for the future shared by many,” the report said.
The IPO of the Future Think Tank explored three key themes: the evolution of the IP system, future challenges and opportunities, and the key features that an IPO of the future should have.
“The shift from tangible to intangible value, in which innovation plays a central role, and from traditional industries to the knowledge-based economy, along with the strengthening of global trade and markets, has had a direct impact on the evolution of the IP system and the role of IPOs,” said the report.
It further noted that globally, intangible assets now represent 85 percent of corporate value and surpasses US $50 trillion.
Meanwhile, IP applications continue to increase. According to the report, in 2018, applications totaled 3.3 million for patents, 2.1 million for utility models, 14.3 million for trademarks, and 1.3 million for industrial designs worldwide.
Consequently, a successful adaptation of the IP system demands agility, efficiency, effectiveness, diversification, inclusiveness, and dependence on data, according to the report.
“It relies on the integration of new tools, and changing practices and procedures, including adapting existing IP rights, or creating new ones,” it said.
“From a technology perspective, teams will be expected to use automation and data analytics tools to improve processes and efficiencies.” - Dramatic Changes
There are new challenges related to IP legislation, office practices, and policy environments, as new business models and technologies advance faster than the pace of legislative change.
The report said: “As machines become more sophisticated and move to more predictive analysis, they will be able to implement simple decision points previously made by humans.”
This development in artificial intelligence (AI), according to the report, will be a game-changer for IPOs and rights owners in the future.
But there are also challenges in the IP sphere relating to human contributions affecting inventorship, ownership, and patentability.
“A fundamental concept of the IP system is to grant IP rights to protect concretion of ideas. This poses many questions relating to whether the current IP framework should be amended to incorporate these AI-based thinking machines and their inventions to be eligible for IP rights,” noted the report.
IPOs will also need to look closely at the next generation of IP owners. It pointed out that while the current IPO user base is predominantly from Generations X and Y (aka the millennials), the future consumer base will be largely populated by Generation Z (defined as those born from the mid-1990s to the early 2010s).
“Keeping up with new consumers’ behaviors will drive IP rights owners’ decisions, and the IPO of the Future needs to be ready,” said the report.
Becoming the IPO of the Future
What are the key features a modern IPO requires to address these momentous changes?
“Over the next 10 to 20 years, IPOs must be prepared to adapt in order to address challenges and make the most of the opportunities that present themselves,” said the report.
These challenges will require the IPO of the Future to:
