On April 26, 2014 World Intellectual Property Day will be recognized around the globe. The date has particular significance as the Convention creating the World Intellectual Property Organization (WIPO) came into force on April 26, 1970. The day was subsequently designated as an opportunity to discuss the role of intellectual property (IP) in encouraging innovation and creativity.
It is also an opportunity for companies of all sizes and from all industries to reflect on the importance of intellectual property to their respective business success. Whether a company’s intellectual property resides solely in its brand, proprietary information, copyrights, technology or any combination thereof, businesses are becoming increasingly dependent on IP as a critical business asset.
Unlike other business assets, IP is an intangible asset and its value cannot be fully realized unless successfully managed in the context of a company’s tangible assets and/or overall business strategy. This requires thoughtful integration of IP into a company’s existing management systems.
It is likely that intellectual property will become increasingly recognized as one of world’s most important resources and a major contributor to national and local economies. On this year’s World IP Day let’s also be cognizant of the countless contributions intellectual property has made to improve and enrich our individual lives whether in the fields of medicine, technology or entertainment.