They say, “money talks”, but does it really? How effective are financial incentives in motivating behavior among inventors with respect to submitting invention disclosures and supporting the patent application process? I haven’t done any official research on this, but my ad hoc experience suggests that many inventors are considerably more motivated by the non-financial incentives than the financial ones.
Enabling companies to unleash the power of innovation
First of all, let’s establish a few assumptions. Number one, I assume you actually want to manage the entirety of your practice within the business, not just some portion of it. There are lots of point solutions out there that will help you with this or that, but not the whole package. Worse, some people actually try to force a point solution to manage assets or processes for which it was not designed. Ironically, they often spend very expensive human resources to make up for the inefficiencies of their so called savings.
Undoubtedly, there is a lot of thought and attention on the legal data and analytics space. And as the cost of data acquisition and storage goes down, we’re finding new ways to use the piles of data we can now access. This reminds me a bit of the telephone book industry 20+ years ago. At some point in the 1990’s somebody realized that by using inexpensive resources overseas, the publicly available data in the phone book could be digitized and then sold as a database on disks back in the US. At first, this was quite novel. But once the cat was out of the bag, more companies got into the mix. Eventually, the data became such an inexpensive commodity that we take it for granted. When was the last time you opened a paper phone book, or even looked up a phone number on a so-called “white pages” or “yellow pages” website?
In 2006, I attended my first Legaltech, one of the largest legal technology shows in the United States. As a tech insider, but legal outsider, I was shocked the abominable condition of legal technology. Many solution providers were actually bragging about their new web browser interfaces or the fact that their application was based on... wait for it...SQL Server! Mind you, all of this would have been much more interesting in 1999, but by 2006 this was old news, if news at all. So, enough history. Where is legal technology today?
Well, first of all, we should answer this question: What is your most valuable class of Intellectual Property?
I’ve always said that if you ask one question of three lawyers, you’ll get four opinions – and whether or not to leverage the Madrid Protocol is no exception. Last week we hosted a webinar where we had two seasoned trademark veterans tackle this question in light of the recent and pending additions to the Madrid Protocol in the Americas. I’d encourage you to view the webinar, but here are a couple of key takeaways.
The NBA finals are upon us and it’s apparent that the Cavs have built a team around the iconic LeBron James just as the Warriors are doing around NBA MVP Stephen Curry. Yes, there are numerous other contributors as well, but it’s clear where the center of each team’s universe currently lies. LeBron is by far the highest paid player on the Cavaliers’ roster at $21.5M+ this season and Curry’s salary will rise to over $12M next season, so the team owners are definitely allocating their resources on lynchpin players.
Last week, I had the pleasure of speaking with Jared Engstrom, senior patent attorney at Red Hat, and James Nurton of Managing IP to discuss how forward-thinking companies should leverage data to optimize their intellectual property (IP) management. It’s said that in our first to file society, companies of all sizes need to tap into big data to maintain or gain competitive advantage. And, we believe that to be true. In our webinar, we uncovered the process behind effectively gathering the right data, discussed how to strategically make use of it in your portfolio, and clarified for listeners why it is paramount to automate the process.
Well, this is my first post as the Vice President of Product Management at Lecorpio and I’ll have to say that I’m pretty excited to be able to land here under these circumstances. Just days after I landed, Hyperion Research’s Annual MarketView Report on Intellectual Property Management solutions was published. Of course, as soon as it arrived, we tore into it and read every detail and added up all the scores. Now, they don’t announce a winner, but if you add up the scores, there is one company that has more points than the rest, and it starts with an “L”.