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.

Pitfall 1: Failure to Promote from the Top