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.