IP ‘missing’ from disruptive tech plans: report
Many companies’ IP strategies are lagging behind the adoption of new technology, according to a new report.
The report, published by law firm Gowling WLG, examined twelve key “tech disruptors”, including as cloud computing, artificial intelligence, connectivity/Internet of Things (IoT), and blockchain, from the perspective of IP.
Surveying heads of IP, general counsel and senior managers from 400 multi-national companies, the firm discovered while the majority of senior executives (93%) said IP is important to their business, less than half include it in decision-making.
According to the report, titled “Swipe Right: Smart Choices in Disruptive Times”, only 45% of senior executives surveyed include IP in boardroom-level decisions on a regular basis.
This is symptomatic of a more general deficiency in strategic planning related to IP, the report revealed, with just 18% of surveyed legal department managers saying that they had a short-term (one to two years) IP strategy in place.
Despite China emerging as a major hub for emerging technologies, only 34% of respondents have IP filings in the country, the report found.
“Any IP strategy that doesn’t include China is either ignoring the obvious or unfinished, but our research shows some sectors are lagging behind the rush to East Asia,” the report said.
Gowling found that, out of sectors included in the report, energy has the lowest rate of IP filings in China, at just 23%.
The findings came despite over two-thirds of respondents saying China was either “important” or “very important” to their company’s IP strategy.
Gordon Harris, partner and co-head of global IP at Gowling, said that it was “extremely interesting, and somewhat worrying, that our research has revealed that IP is being neglected in many board-rooms”.
“This outlines the importance of all employees needing to be trained about IP rights - from the CEO down,” he said.
Harris added: “Business leaders who understand it is a commercial, not just a legal, priority will be active players rather than bystanders in the disruptive markets of the near future”.
Did you enjoy reading this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
Today's top stories:
Indian appeals board ‘crippled’ by vacancies
