IP technology leader CPA Global has today launched a new global campaign – New IP – calling on the international IP industry to radically re-imagine the business of innovation.
At the heart of the campaign lies the premise that failure to put technology at the heart of how the IP industry works stands in the way of realising the true potential of the inventors and inventions that will transform both industries and societies
THE DECADE OF CHANGE
According to CPA Global, the 2020s are set to be the decade of radical digital change for the IP and Innovation industries and the law firms that strategically advise them.
As IP and intangible assets continue to rise up boardroom and national agendas, pressure is growing to accelerate the pace of technology adoption, intelligence, data and automation in an industry that remains heavily analogue in its approach and methodology. The risk, says CPA Global, is that by ignoring the digital imperative the IP industry itself will become a brake on the pace of global innovation, which remains reliant on infrastructure and processes which are rapidly approaching breaking point.
Driving this race toward ’New IP’, according to a new CPA Global report also released today, are a number of important factors set to revolutionise how the IP industry works - and the pace and method of how innovations are brought to market.
Blockchain is creating alternative ways to track and protect IP; redefining documentation and verification of ownership rights; Artificial intelligence offers bigger and faster data processing, less administration, and increased accuracy; and Big Data harnesses untapped insights from growing volumes of information to enable smarter decision-making, better law firm client support and innovation opportunities.
Taken together with macro-economic issues such as Global Data Harmonisation – from the Unitary Patent to increasing global cooperation between national IP regimes, moving toward a ‘single source of truth’ to political pressures, this reality requires the industry to radically re-think its approach to many aspects of IP and innovation.
According to the report those that lead and embrace the idea of ‘New IP’ will ensure they make better business decisions, and transform:
- Operational planning and execution
- Generation of licensing revenue
- Alignment between IP and business objectives
- Managing litigation threats
- Reduction of human error
- Client experience and value
Toni Nijm, CPA Global's Chief Strategy Officer, said:
“Intangible assets, notably including IP, are continuing to grow as a share of company values, while an increasingly competitive global marketplace means that businesses will either thrive or wither on the basis of their ideas and innovation. Slow and steady will not win the IP race, and boardrooms are understandably now starting to sit up and take notice.
“IP management remains in many cases an analogue endeavour, fraught with inefficiencies. This is a global issue and it must change. The technological solutions are out there already, waiting to be unleashed and ready to drive a digital revolution across the IP industry.
It’s no longer enough for businesses to simply use tech to incrementally adjust current ways of doing things. Instead the industry as a whole has to reimagine how the IP system works so the best ideas can be brought to market more quickly and effectively. IP’s time has come to embrace the power of technology.
“Working with over 90% of the world’s top patent filers we believe that we have an important role to play in helping to drive that change, which is why we are launching the New IP campaign. We want to use our expertise, tools and experience to help the IP industry navigate its digital journey.
“Industries don’t transform overnight of course, and the pace of change will be different for individual organisations. Regardless, we are throwing down the gauntlet to the industry to see the 2020s as the decade of digital as we move towards a more connected, integrated, faster and more productive IP ecosystem.”