To stand out in today’s global business arena, it is no longer enough to simply rely on traditional business strategies such as high volumes and low costs while adopting best practices, as these will likely just keep you on par with competitors.
True competitive advantage lies in strategic Intellectual Property (IP) management which allows you to effectively own and capitalise the methods/features that make your products, services or operational processes unique.
Many successful multinational corporations create and sustain their competitive edge through holistic IP management.
One example is Coca-Cola, which has successfully protected its drink formula – a trade secret – for more than a century. It is also among the world’s most valuable brand with its globally-renowned Coca-Cola trademark in unique script and bottle design. On the technology front, IBM was granted more patents in the United States than any other company in the world for 16 consecutive years, generating more than US$1 billion revenue annually through patent licensing.
These companies have demonstrated that IP management should not be neglected as part of a company’s overall business strategy, as it can help companies build and maintain a sustainable competitive advantage.
