There are many ways of getting a return on good ideas, but it takes vision and courage to do so effectively. That’s the take-away from Making Innovation Pay: People Who Turn IP Into Shareholder Value, (John Wiley & Sons; February 2006; $39.95), a new title written by ten of the leading intellectual property managers and investors. This new book shows how wise intellectual property owners and managers are blazing new trails and generating huge profits.
IP rights such as patents which protect inventions are a new international currency. Those who have generated the best returns for these assets are as diverse and resourceful as the pioneers who conquered the American West. Some are seen as patent “trolls,” victimizing slow-moving corporate Goliaths, while others, decidedly anti-troll, use their patents and trade secrets for freedom of action. All are blazing new trails to increased ROI, often kicking up a storm of controversy while doing so.
Making Innovation Pay is the third book by noted IP editor and consultant, Bruce Berman, (author of From Ideas to Assets, Wiley, 2001), an acclaimed anthology for investors and managers that has been translated into Japanese. Berman lays the groundwork for understanding what makes invention rights an emerging asset class that all serious investors and managers must get a handle on. He also provides revealing profiles of each contributor. In Making Innovation Pay, for the first time the IP elite reveal the secrets of their success, including the principles that underlie:
- $1.2b annually for IBM’s licensing activity
- $1b+ in patent royalties and another $1b by 2009 for a lone inventor
- $600m raised from the likes of Google, Sony, Microsoft & Nokia to buy patents
- $1b in patent damages won on behalf of clients of one small law firm
- $200m pledged by Perot Investments to fund IP-rich companies
“Innovation and patents are transforming the world,” says Kevin Rivette, leading innovation authority and chief of IP strategy for IBM in his foreword to Making Innovation Pay. “Securing and managing intellectual property rights have emerged from a back office legal function to the foundation of corporate strategy. Today, ideas, and the right to use them, are as much products as microprocessors and cell phones.”
Early Praise for MAKING INNOVATION PAY:
“Bruce Berman has persuaded, arm twisted and otherwise cajoled today’s most successful patent practitioners into telling their stories and allowing him to tell theirs. Until now, no book has discussed innovation in so resolutely clear-eyed, personal and practical business terms…
[Making Innovation Pay] breaks new ground by giving voice to resourceful and articulate individuals who have the courage to brave new trails and the generosity to share how they do it.”
Vice President, IP Strategy
“Drawing upon an all star line-up of IP thought leaders and practitioners, Bruce Berman, yet again, knocks the cover off the ball. Making Innovation Pay provides critical insight into both the art and the craftsmanship of those who successfully shape today’s IP landscape and are entrusted with developing tomorrow’s. Berman brings clarity, insight and leadership to all those who find themselves-willingly or not-at the leading edge of IP issues in today’s economy.”
John A. Squires
Chief Intellectual Property Counsel Goldman, Sachs & Co.
“Innovation and enterprise distinguish the US from other nations. The contributors to Making Innovation Pay, diverse IP success stories, take us full circle with strong perspectives on invention and profit. Berman’s book is as much framed by a vision of American history as it is by business strategy, technology or finance.”
Hon. Q. Todd Dickenson
Vice President & Chi