Watch Jonas Lindgren, Director and practice lead for Strategy & IP for IP executives, talk about why companies need to worry about IP on their digitalization journeys.
Operating companies should not only prepare to acquire knowledge about digitalization, but also assess the IP risks associated with using these new technologies. In the video, Jonas Lindgren reflects on three key questions regarding IP management in the area of digitalization. Below are some highlights of his reflections:
- What does the digital transformation of industry mean for IP management?
- Digitalization will lead to IP-implications for operating companies, especially related to business risks and costs. The technology scope of firms will expand, and investments in new IP capabilities will be needed. At the same time new technology companies are entering the market, companies that will seize the opportunity to increase revenues from their patented technologies by starting to collect royalties on digital technology.
- Are operating companies equipped to face new challenges?
- To understand the implications from an IP perspective you must reflect on how operating companies match up against technology players. What operating companies are facing is that technology players in general 1) have stronger IP positions in the digital fields, 2) have better prerequisites for attracting talent and pursuing new investments needed to stay ahead, and 3) are more advanced in how they manage and use their IP for business benefit.
- What advice would you give to operating companies affected by digitization?
- First of all, to assess their exposure to digital technology fields and the risk-profile of those fields. Secondly, to upgrade their R&D and IP strategy frameworks to ensure they provide resolution on a technology level to enable selective approaches at each technology field individually. Finally, to consider partnering with digital actors. Partnering with digital actors can in some digital technology fields be wise to e.g. extend the IP portfolio muscles and build a better position.