The knowledge economy has given rise to a new landscape in which a company’s intellectual assets, rather than physical assets, are its main source of wealth and competitive advantage. Today’s nations and their companies increasingly compete for the right to innovate and present the next generation of drugs and technologies, such as the 5G wireless network. Against this backdrop, a company’s ability to compete and grow depends greatly on its ability to protect its intellectual property (IP).
However, the ability to protect IP is increasingly challenged as companies reap the many benefits of globalization. In one sense, the world feels smaller and more connected because companies can tap vast supplies of talent, resources, and customers in markets all around the world. In another sense, this increased international interaction makes it glaringly obvious that the world is vast and unfamiliar, rendering companies vulnerable to conditions beyond their control such as government regulatory scrutiny, IP theft in foreign territories, shifting markets, competing political forces, and new cultural norms.
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