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Capturing IP and the Knowledge That Makes It Valuable
While every business keeps its portfolio of assets, not every business manages its most crucial assets: intellect and knowledge. Indeed, these assets may not easily be measured on a balance sheet, but they are the fundamental resources that maintain a competitive edge in any industry. Certainly, much of these assets goes undocumented and ends up lost, or not even captured. Intellectual property assets created by employees are frequently unnoticed, disregarded, or forgotten. Operating knowledge, without which intellectual property would be valueless, is routinely lost through retirement or attrition. Organizational “know-how” and intellectual creations that increase a company's efficiency must be paramount considerations in the growth and development models of a business. Fortunately for corporate leaders, employee-produced intellectual property, and employee-retained knowledge assets, can be captured and protected from the inception of business.
Distinguish Intellectual Property Assets from Knowledge Assets
To distinguish intellectual property from knowledge is to distinguish information from integrated intelligence. Intellectual property (“IP”) is the appropriated tangible form of information and ideas. In other words, IP is the generic term for ideas which are commoditized and sold or licensed. IP exists if an only to the extent that it is recognized by law, and its marketability is both instigated and limited by its monopolistic character. Property rights are afforded to the creator of IP, such that only the creator may hold the property exclusively, duplicate it, or transfer it. However, in the context of corporate assets, IP is valueless information unless it is integrated and synthesized into valuable operating knowledge. When integrated, it becomes a knowledge asset that is the cornerstone of corporate human capital. This is the competitive edge that a business needs to create and capture.
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