(57a) Technology Protection / Allocation in the Context of Open Innovation: Why a Frank, Up–Front Discussion Will Prevent Later Heartache

While Open Innovation may facilitate idea exchange and lead to new technologies and products not possible or even not contemplated by a single company, a business should not engage in Open Innovation without first determining how to protect its existing and future intellectual property rights. For example, how do you avoid a future protracted legal battle over the rights to the brilliant innovation that you develop using outside technology? And, how do you avoid creating a strong competitor if you license out your technology?

This paper examines strategies that should be considered to protect and improve your intellectual property rights in an Open Innovation environment. The discussion includes licensing practices, trade secret protection, development of a patent portfolio, and how get the most beneficial intellectual property rights from Open Innovation.