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
One of the biggest challenges faced by IP departments is ensuring that new ideas and inventions are captured. Of course, it’s critical to remember that the submission of invention disclosures that are so valuable to IP departments are unlikely to be the primary concern of your inventors. With limited exceptions, most inventors aren’t focused on “inventing” – they have day jobs. They are likely more concerned with creating, building or enhancing new products and services that can be sold, rather than capturing those ideas in invention disclosure forms so that they can be patented. This also means that their thinking can sometimes be limited to what will likely be productized and not necessarily what might be possible or innovative. To supercharge your company’s patent program, consider these five simple steps:
Managing IP budgets can be time-consuming and complex – and because IP budgets can account for up to 75% of all legal spend in some companies, we are talking about some pretty significant costs that typically receive senior level attention. Given the magnitude of the budget needing active management and time and resource constraints with competing priorities, it’s no wonder that IP departments fall prey to some common pitfalls when managing their IP budgets.
I had the pleasure of moderating a panel at Consero’s Global IP Management Forum in Newport Beach, California this week, where Karl Renner and Gwilym Attwell from Fish & Richardson facilitated the conference program. My panel on “Protecting Global IP While Keeping To Budget” included such luminaries as Jeff Duncan from Elevance Renewable Sciences, Inc., Kim Jessum from Heraeus Incorporated, Dr. Tim Joyce from Bayer West Coast Corporation and Julie Vanderzanden from Jarden Corp.
Recently, I attended CodeX’s fourth annual FutureLaw 2016 conference, which was hosted by the Stanford Center for Legal Informatics. The conference featured an impressive group of speakers and attendees, who ranged from academics and policy makers to lawyers, investors, engineers and entrepreneurs. The conference focused on how technology is changing the landscape of the legal profession, the law itself, and how these changes will eventually impact us all.