Intellectual Property Law Essay Example | Topics and Well Written Essays - 2000 words

Intellectual Property Law - Essay Example In today’s marketplace, IP is not an afterthought, but an issue at the management and the board level, since it has shareholder value consequences. The critical value of high quality IP strategies cannot be overlooked, since it has the capability of fostering innovation and giving an organization a competitive edge and advantage. Licensing of IP, at a time when companies are considering other technological and commercial models, as is the case in the energy sector where most companies are considering climate-friendly technologies, can help protect a business from unnecessary lawsuits and legal battles, and provide an important source of revenue. This paper offers Greentech Ltd, a low carbon technology, energy firm, advice with regard to the management of its Intellectual Property portfolio, and proposes an a high quality IP strategy the firm can rely on in the management of any future innovations, especially in the area of Low Carbon Technology. The proposed IP strategy is aim ed at enabling Greentech Ltd to maximize its Research Division innovative outputs. Additionally, the strategy is targeted at enabling the acquisition of innovative ideas and research outputs of persons who are not employed by Greentech Ltd, and facilitation of entry of such ideas and other new ideas into the market at a faster rate. The paper is divided into three parts; Part I offers a brief background of Greentech Ltd current IP holdings and status, Part II outlines recommendations with regard to how Greentech should manage its current Intellectual Property Portfolio, while Part III describes a high quality IP strategy that Greentech will rely on in the management of any future innovations, especially in the area of Low Carbon Technology. Part One: Background and Introduction Background Greentech Ltd at present has various Intellectual Property holdings; it has, over the years licensed various technologies, specifically, it holds 20 licenses, from other parties as a way of enhanci ng its research projects. The company continues to pay, as is contained in the licensing contracts, royalties for all the 20 licenses; however, some of those IP holdings are no longer needed. Greentech Ltd has in the past has licensed certain technologies to other firms without proper initial exploration and research of the market to ascertain how to strike a better deal for the firm. The company, as part of its culture, has always endeavoured to ensure that all its research outputs are patented, and that those patents are sustained. This it has done even in cases where some patents have failed to yield substantial returns. Currently, Greentech Ltd holds 10 patents, all of which were granted between the year 2000 and 2011. The firm has recently developed a new and a potential market-leading technology, that is patentable; however, given the estimated cost, ?10 million, of further development, the firm is unable to fund further development of the technology. The firm has very poorly drafted employment contracts, which is not strict on confidentiality issues; as a result the employees who leave are not in any way deterred from taking confidential information with them. Additionally, Greentech Ltd has failed, in some cases, to use non-disclosure agreements, or in some cases, has used them in a