Credit: areebarbar / Shutterstock.com Spur and Protect Your Company's Innovations: Making an IPIP Work for You
There are myriad reasons for companies to implement an intellectual property incentive program (IPIP). More than a paycheck, an IPIP offers rewards and recognition for contributing to the company's IP portfolio. But, be sure to avoid these 10 pitfalls.
March 05, 2021 at 10:00 AM
9 minute read
There are myriad reasons for companies to implement an intellectual property incentive program ("IPIP"). More than a paycheck, an IPIP offers rewards and recognition for contributing to the company's intellectual property portfolio. The significant benefits of an IPIP include:
|- Facilitating recruitment and retention of the best talent by fostering and promoting a culture of innovation and knowledge;
- Promoting the company's reputation, image, and vision as an innovative company;
- Aligning the speed of innovation with industry trends;
- Protecting investment and competitive edge by generating intellectual property rights such as patents, copyrights, and trade secrets; and
- Generating new revenue streams by monetizing IP rights through licensing or as add-on value.
Below, we highlight how to avoid 10 major pitfalls to make your IPIP successful.
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