Navigating Open Innovation: A Strategic Framework for Intellectual Property Management

Abstract

In today's dynamic and interconnected business landscape, open innovation has emerged as a powerful paradigm for organizations seeking to leverage external knowledge and resources to drive innovation. However, the management of intellectual property (IP) within the context of open innovation presents unique challenges and opportunities. This paper proposes a strategic framework for effectively managing IP in the context of open innovation initiatives. Drawing on insights from management theory and empirical research, the framework provides guidance for organizations to navigate the complexities of IP management while embracing the principles of open innovation. Key components of the framework include the identification and assessment of IP assets, the development of collaborative IP strategies, the establishment of clear ownership and governance structures, and the implementation of mechanisms for IP protection and enforcement. By integrating these elements into a cohesive strategic approach, organizations can enhance their ability to capture value from open innovation while safeguarding their intellectual property rights. The proposed framework offers practical insights and actionable recommendations for managers, policymakers, and researchers seeking to advance understanding and practice in the field of open innovation and IP management.