INTELLECTUAL property now accounts for a significant part of a company’s value and businesses should closely integrate its considerations with other key businesses processes.
Traditional management tended to focus on a company’s tangible assets and financial capital and the management of the intellectual property was generally not as well understood said Owen Malone from Fosters Brewing Company.
This needed to change, he said.
He was speaking at a conference in Canberra as chairman of the Government’s Advisory Council on Intellectual Property.
Mr Malone said that now more than ever a company must use intellectual property strategies to secure control and exploit the company’s intangible assets.
The increases premium placed on intellectual assets poses a formidable challenge for business, he said.
Whether it be a new economy business or a traditional enterprise business must now have: effective mechanism for stimulating and capture of intellectual assets; security and management of these assets; the ability to measure and value these assets, and strategies for the effective deployment of these assets.
The export of the 50 millionth synthetic wine cork by a South Australian company was an example of how intellectual property can contribute to a company’s success, the meeting was told.
