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.