The intellectual property
The intellectual property means something the person has created using his mind; therefore, it cannot be touched. Intellectual property does not have a physical presence; however, they add value to the business. Also, the intangible assets are long-term assets whereby a person using them in the company for more than a year. An example includes assets of goodwill, brand recognition, copyrights patents, trademarks, and customer lists. The reason I am interested in this topic is that intellectual capital is identified as the essential assets among the world’s largest and most companies. And it’s the foundation for the market dominance and the continuing probability of leading corporations, for example, Apple and Microsoft companies. However, the role of intellectual property in business is undermined. Therefore I am interested in this topic to show how management in an organization should value the intellectual property risks the same way the organization’s value to protect tangible assets. Showing how it’s costly, a lot of expertise is needed and takes much time to resolve cases involving intellectual property.
For example, a case between Kodak and the Polaroid in the courts Whereby Kodak established itself as a monolith in the photographic industry, on the other hand, Polaroid had safeguarded its supremacy in the same markets of photography. Therefore in 1970, Polaroid Corporation went to court and filed a complaint against the Kodak Company, whereby they claimed that the Kodak had infringed 12 Polaroid patents concerning integral instant camera film. The two companies were involved in the issues of liability and infringement of intellectual property rights in five years. Kodak went and asked for more knowledge to obtain legal advice from patent expertise on the patent position later after receiving the advice. It was concluded that Kodak strategies relied on Polaroid patents and Kodak was forced to pay $925million forcing it to close down since it spent over $500 million paying Polaroid and the legal fees were about $100millin