IP Strategy for a nominated research project

Since time immemorial, it has been crucial to develop effective and efficient intellectual property management and protection strategies for research projects.  The majority of world cultures encourage the sharing of knowledge as much as possible, while at the same time, tolerating, or at least encouraging, the initiatives established by the producers of knowledge to maintain the secrecy. Various coercive strategies were employed to maintain the private nature of their projects. After all, Shahjahan; the builder of the ancient Taj Mahal, had all the side workers amputated so that they could not extend their labor in bulding a similar structure in the future. In some parts of the world, traditional medicine healers and divine personalities concealed their life time experiences from others in order to sustain mystery and establish total control over their domain of knowledge. Still, traditional Patan silk weavers did not pass the skill over to their own daughters. Instead, they taught their daughters-in-laws in order to prevent the mastery from getting out of the family. To date, only four families are practicing the 750 year old dyeing and silk weaving cultural activity. In a legal dispute involving a university professor and the university concerning ownership of a research discovery, the federal court ruled in favor of the educationist. The underlying argument was that the survey comprises a private good that is owned by the university lecturer. In this light, the institution’s management ought to secure permission and authorization to use the protected knowledge (abstract property).

It is crucial to understand the difference between a private and a public good. The knowledge will help in the comprehension of why research projects are considered intellectual property, which is defined as mind creations, such as inventions, artistic works, literary projects, symbols, designs, commerce images, and names. They require protection through possible laws and regulations to ensure that members of the public consume it in an organized manner. The bottom line philosophy is that the discovery is a result of an investment of time and resources. They also use their own creativity and initiative. As such, there ought to be mechanisms that ensure that such people realize some value from their toil and also ensure that they control the people who benefit from it. They qualify to assume the status of intellectual property ( mind creations, such as inventions, artistic works, literary projects, symbols, designs, commerce images, and names) that require protection through provisions of the law.The paper will explore the 12 steps required in the process of developing an Intellectual Property for a research project. Some of the initial considerations include whether the project is a private or a public good, their economic worth, the nature of the project, ownership rights and issues, and others. The following sections are committed to an in-depth discussion of all the steps that a researcher should follow in developing legal protection for his work.

Case Study

The paper seeks to develop an Intellectual Property protection plan for an existing research project that was recently concluded. The analysis focuses on concepts and materials that were covered throughout the course.

The research project under consideration includes documentation on a new product development process for the Smart Ironing Board. It is an electronic ironing board that produces uniform folds after ironing. Since it is a new invention, there is need to register it as an intellectual property so that the inventor can enjoy security (against uncontrolled by unwarranted people) benefits from the state.

1. Public/Private Good Discussion – Decision on Mix

It is vital to understand the nature of the research project with respect to whether it is a private or a public good. A private good refers to a tangible item that is availed to the market for trading and purchase between buyers and sellers. One major economic characteristic of public goods is that they are non excludable and non rival. It means that one individual’s consumption does not affect the consumption rate and level of another and also no one has the power to prevent others from accessing them. As such, an intellectual property cannot be categorized as a public good because it requires control in terms of the rate and level of public access. There is also another type of good called the -club goods. They include ones that are non-rival and non-excludable. They are also non-subtractable, meaning that despite the high degree of excludability, one person’s consumption does not affect the level of consumption of another. A typical example is the pay TV. An intellectual property also bears such characteristic because using it does not diminish its future availability, but may contribute to its development and enhancement. In other words, the application of knowledge only leads to its improvement.

            Human beings have always derived great pleasure from owning property.  It feels right because of the fact that everyone gets to enjoy the fruit of their labor according to their rightful input. While some property are created by the current owners, others are not. For instance, land is owned by people who did not create it. There was a large public land in the West of the United States, before the government converted it into private property. The issue attracted great controversy, because public members expected it to become a great public park. In this sense, no one’s ownership rights would have been violated. Through selling it to private developers, it limited the freedom of public members to use it. The main reason for the government’s action was to create incentive to investors who could improve the land, plant crops, build homes, and others. Currently, the controversy tracks patent and copyright laws quite well. The theoretical framework of intellectual property favors the giving of people the power to exclude others from new inventions or research projects. The concept provides a way that the producers earn direct benefits. As such, there is an open incentive for people to invest effort in searching for more knowledge for creating and inventing.

            In order to develop an effective intellectual property protection strategy for the Smart Ironing Board, it is vital to identify the type of good it is. Though a research project is a private good, it is non-rival, meaning that one person’s consumption cannot affect the consumption level and rate of another. The use of a certain discovery cannot limit the ability of the associated scientist to use it in another quarter. As long as a person is able to access it through relevant medium, such as the internet, newspapers, journal materials, scholarly articles, and others, they can use the knowledge. Nevertheless, its excludability nature makes it mandatory to pay some periodic fee. Such an industry reflects a relatively negligible marginal cost schedule, and it means that an additional user contributes a flat marginal cost.

2. Commercial Viability or Non-Commercial Value

It is crucial to determine the economic value of the research project. It is an illustration of how the project will be measured. It is because “You cannot manage what you cannot measure” (Hirai,

Valuing an intellectual property will help to determine its worth in the future. It is because the value of such properties change for numerous reason. For instance, a patent may be established as an outstanding solution to a problem, but with the passing time, other solutions emerge that offer better alternatives. As such, there is need to arrive at the right value that will inform the best marketing strategies to sustain a high value rate for the property. There are various valuation methods, including the cost method, the market value method, and the income or economic method.

In the cost method, emphasis is placed on the costs that the project manager incurred while developing the intellectual property right. There are also consideration about what it would cost to develop a similar product. Some of the costs include labour, research and development, materials and equipment, creating a prototype, testing and trials, registration of the intellectual property, certification and regulatory approval, and overheads for accommodation of staff and other utilities. The approach bank on the fact that the target consumer aims at avoiding such costs through purchasing the real product. Some possible valuable benefits include time saving for the buyers, the consumers are protected from the huge expenditure, the low success rate of non-owners of the invention, and others.

The Value-Cost method is preferred in determining the worth of the Smart Ironing Board invention. Its commercial viability will reflect in the number of players it attracts during the product development and launch processes. The step is important because it translates into the success of the other steps that are followed in extracting value from the intellectual property under analysis.

The valuation of intellectual property features as one of the major activities before making a strategic decision concerning the next step to be taken on the asset. It also sets the stage for the commercialization transactions. It is like a budgeting forecasting tool that helps the owner to know what he or she will require before securing the right protection for their property. It also offers a feasibility analysis that helps in the development of a business model, the capital needs, and possible ways of raising funds for the project.

Through the Value-Cost method, the owner of the Smart Ironing Board project will be able to achieve a set of objectives, for instance, persuading investors that he will use their funds with wisdom, there is a potential for a home run, provide a 5 year forecast, offer a channel for revenue generation in the near future, and sundry. Consequently, conditions for an implantation plan inevitable emerge.

A new invention that does not have any substantial commercial viability is considered worthless before the eyes of the investors. As such, it cannot be successful with respect to taking off during the product launch stage.

3. Types of Intellectual Property

Before protecting an intellectual property, it is vital to define and classify it.

One single product can have multiple intellectual property parameters. For instance, a new method of making chocolate is considered a patent. The drawings and writings on the wrappers are copyrighted using the respective laws. It is covered by eligible circuit design  rights to control the filling machines. The tree used to extract the chocolate flavor is registered under the Plant Variety rights. The laboratory formula for the compound is considered confidential information. The logo used to popularize the brand is classified as a registered trademark, and finally, other dealers register the stylish shape of the chocolate to exclude its use.

            An intellectual property is a representation of a person’s creativity and intellect. In the business world, it is referred to as a person’s proprietary knowledge. According to the above description of the chocolate  business, 7 types of intellectual property are required from protecting both the producers and the production matrix from unauthorized access. Such an arrangement ensures that they enjoy direct benefits from availing the end product to the market for other users at a fixed price.

During the development of an invention or a research project, various types of intellectual property are required simultaneously, and by the time the idea arrives in the market,  it could have 5 to 6 types of intellectual property to support the main idea. In most cases, they exist as multiples of each kind. The product development process for the Smart Ironing Board requires various intellectual property from the inception/research stage to the point where it is introduced to the market. Having ascertained its viability, it becomes crucial to extend the idea for manufacturing so as to enjoy the economic value of the invention. Popular belief provides that great inventors require substantial appreciation and recognition to promote more research and development in the society.

During the research process (determination of the underlying problem and presentation of possible solution), there is need to secure confidentiality agreement. This features as the first intellectual property. The next stage is the innovation stage, where the research project meets a current need/ solves the problem under its analysis. In this case, the Smart Ironing Box has proven beyond reasonable doubt that it closes an existing market gap for consumers. It should be registered as a new product before it is launched into the market. This features as the second intellectual property. The last stage is to register the relevant excludable elements associated with the new product development process, such as the trademark for the sounds, letter, words shapes, and logos associated with the Smart Ironing Board product. Such as initiative help to distinguish it from other classical products in the market, trade secret is the design and shape of the Smart Ironing Board. What makes it unique is that it is flexible to offer the shape of the cloth that is being ironed., patent because it is an improvement of an existing product, and copyright. Its unique attributes qualify it to receive the stated intellectual property.

4. IPRs and Protection Types

People are the generators of both ideas and intellectual property. Governments spend resources protecting existing intellectual property but forget to establish measures to protect future knowledge that is yet to be developed by people with creative thinking, expertise, experimental knowledge, and the ability and willingness to share their knowledge (findings of their research projects).

After defining what is Intellectual Property is , and having associated the Smart Iron Design with the respective Intellectual Property, it is crucial to evaluate the legal framework required for protection. All new inventions are protected by the law to prevent exploitation. Such initiatives offer incentives for people to venture into research and development or exploit their creative minds. From the legal context, the Smart Ironing Board is classified based on the philosophy of the outcome of an intellectual activity in artistic fields or industrial scientific literary scenes. There are two classifications of intellectual property, including statutory and non-statutory. The Smart Ironing Board is a statutory Intellectual Property because it is registrable as a patent, trademark, and product design. It is considered under this category because it is has non-registrable features, such as the trade secret that makes the product unique from existing products, the new trade practices associated with the venture, and others. On the other hand, a non-statutory trademark is governed by two laws, including contractual and general law. It means that there is restraint of trade, licenses and franchises.

      At this stage, it becomes crucial to identify the nature of the research problem and how the proposed technology solves a current societal problem. The project claims that the routine house chores such as washing, folding, and ironing clothes consume too much time and effort. The current lifestyle places so much importance on time and energy issues, especially because of advancements in the field of technology. Inventors sought to find  better alternatives of combating the tiresome steps by attaching the dryer to the washing machine and a folding board to easily fold clothes. Despite the efforts, there is still no electronic folding machine with the capability of dealing with the identified problem.

      The Smart Ironing Board originated from the need to maximize on the manual flip board and reduce the size of the current folding machine. Issues, such as storage space and reducing the number of appliances at home, also featured significantly. Together, they offered a ripe ground to launch the Smart Ironing Board, which offers the services of both the classical ironing board and the electronic folding machine.

5. or not – Level of disclosure, cost and complexity, what requirements of each type of IP does it meet

 5. Who owns the IP – where do you sit, what contractual arrangements are or should be in place?

 6. Advice and support

 7. Market/audience $ and or size, growth, penetration. Not just macro-market, but your actual market.

 8. Competitors and/or collaborators

 9. Pathways – compare possible alternatives and decide – make full use of the slides I presented on the pathway – it gives a structured approach

10. Development cycle – how long, how much, how hard, how complex

11. Horizons – one to three

 12. Supporting financials – including valuation, funding, cost of protection, market revenues. It should all be future looking and make sure it is backed up by evidence to achieve the depth of analysis required. You should also come to clear decisions on the pathway you select after looking at the alternatives.