Life Cycle Management
What Is IP Lifecycle Management? IP lifecycle management is a process that follows intellectual property (IP) from the acquisition/development phase, through qualification, distribution, and integration into design.
A patent is a legal right provided to an inventor for an invention that is unique, non-obvious, and has utility. The life cycle of a patent starts with a conception of an idea and ends with a granted patent and the inventor must follow certain steps to convert his idea into a formal patent.
A patent is generally granted for 20 years from the date the patent application is filed; however, periodic fees are required to maintain the enforceability of the patent. Basically, the government allows you to have a short-term monopoly over an invention. This monopoly will last for the duration of the patent.
Inventors create inventions to resolve the problem encountered in daily life. With all the benefits of technological advancement, an invention will be strategically improved and this demonstrates the existence of an invention life cycle.
5 stages are involved from the initial idea towards the end of IP life. The stages are:
- Conceptualization – where the idea is born, discovery, research & development (R&D) process;
- Preparation – building a prototype, seeking IP protection, preparing for commercialization;
- Commercialization – mass production, marketing activities, product launch, tangible revenue flow, explore alternative forms of revenue;
- Maturity – product has widely gained market acceptance, and leverage on licensing structures;
- End of IP life – assess discontinuation of the product, developing a new version of IP.
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