New times require new measures! Has IP played out its role in today’s business? Or can it play a role even in the fast-moving digital world
Companies of today need to think outside the box when it comes to IP protection and how it can protect its business. A new business requires new strategies, but there is no “one size fits all” solution. Patents need to be combined with trade secrets and other protection mechanisms.
We are entering a new digital world where data is more valuable than ever. It’s the key to the smooth functioning of everything from the government to local companies. This is the digital economy, Industry 4.0. Some call it digital transformation, and servitization/platformization are other ways to describe it.
This digital transformation also drives completely new business models, where some of the most typical examples are:
• Rolls Royce selling uptime of aircraft engines with the help of IoT, AI, and digital twins
• Grundfos is going from selling pumps to offering water-as-a-service. Which even meant for Grundfos to compete against its own existing business model!
The digital economy creates new opportunities and threats for IP; how do you protect a service with IP? How do you protect your platform with IP? How do you protect your ecosystem with IP?
In short, there is no one-size-fits-all.
Patents are good for protecting physical products and innovations. Business method patents some might suggest.