article


New IP. New business. New industry

By Joan Mill, Managing Director EMEA — September 17, 2019

At its core, intellectual property is the business of ideas – ensuring that novel and innovative ideas are guaranteed protection. Yet, what should be a fast-paced and pioneering sector has been slow to learn lessons from the innovators it serves and embrace the immense transformational potential of technology.

New IP is A Necessity

This is why New IP – the complete digital transformation of the global IP system – is a necessity. Today’s IP landscape is rife with risks and inefficiencies and this cannot continue in a ruthlessly competitive business market and an environment where boardrooms are increasingly alive to the value of IP as a strategic asset. Much like other industries before it, IP will become fully digitised transforming the industry to create an IP system that spurs on innovation and helps create more profitable and forward-thinking businesses. New IP will have myriad consequences.

At a very basic level, the experience and engagement of IP users, whether they are IP owners, researchers or attorneys, will be drastically improved. Automated IP systems will proactively provide an alert regarding competitor or market movements and provide a user-friendly interface as a clear, single point of contact for all IP needs.

The automation of IP will also improve efficiency by taking administrative tasks, such as data entry, docketing and filing, out of human hands, removing the potential for costly errors and ensuring accuracy at every stage in the IP journey. The error-reducing impact of automation cannot be overstated. It will reduce risks of IP mismanagement (and the potential loss of valuable rights that come with that) and, consequently, reduce the likelihood of IP disputes and litigation. This could have a significant impact on the number of IP disputes that arise and further fuel the trend toward using IP to draw in new revenue streams through alternative strategies, such as licensing agreements.

Indeed, the freeing-up of time as a result of the removal of administrative tasks means that automation will enable IP lawyers to spend more time considering the bigger picture and working on higher-value business matters, such as devising IP strategies.

Not only will New IP lead to the creation of innovative IP strategies, it will actively shape them. The promise of global IP platforms providing big data combined with AI and machine learning means that technology will be able to advise on the optimal strategy to take and even spot gaps. Thanks to such developments, IP tech users will be handed unprecedented amounts of insight to inform new IP strategies and even develop new inventions.

Whereas in the past IP management primarily focused on reaction, protection and security, it will now enable IP practitioners to go on the offensive by allowing constant learning, creation, maintenance, and optimisation. The business opportunities unleashed by IP’s digital transformation should reinforce IP’s prominence on the boardroom agenda at a time when decisionmakers are increasingly coming to terms with the revenue-generating potential of IP – both through a litigation and licence driven strategy.

CPA Global's Mission

The direction of travel is clear – New IP is inevitable. Whilst this digital transformation will not happen overnight, as the world’s leading IP tech company, CPA Global believes it is uniquely positioned to lead this charge. We are already equipping a variety of industry participants, from law firms to corporate IP departments to innovative start-ups, with the tools necessary to offer unprecedented global connectivity, IP data and analytical means.

This is part of our mission statement for New IP; however, we also want to do more. Although we are focused on enabling the industry’s digital transformation, we also want to change the boardroom’s perception of IP. IP has always played an important role in business, particularly in sectors such as TMT or life sciences, but our ambition is to elevate IP to make it a core business priority. In becoming the keystone to the New IP ecosystem, CPA Global will provide the data, technologies, infrastructure and expertise necessary to unleash IP’s strategic business potential.

“The direction of travel is clear – New IP is inevitable"

The Revolution is Underway

The fourth industrial revolution we are currently undergoing is one of the most radical periods of economic change in human history and IP is at its heart. The IP industry now needs to keep up with the pace of change and put into action the technological solutions that already exist to unleash IP’s true transformational potential – empowering creators, inventors and rights owners in an unprecedented way.

CPA Global has chosen to turn on the New IP switch and usher in this new world – join us on this exciting journey.