Wk4 DQ2

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Grand Canyon University *

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825

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Law

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Apr 3, 2024

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docx

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2

Uploaded by BauerKingston2025

Captain Electric is a company that regularly invents new technology and files for hundreds of patents every year. The patents provide legal protection for the company's intellectual property. To what extent, then, does the company need to engage in patent management? Explain. Does your view change if the patent is for a technology that improves consumer safety? Why or why not? Even for a prolific innovator like Captain Electric, engaging in patent management is crucial. Patent management involves strategically handling the entire lifecycle of patents, from filing to enforcement (Grzegorczyk & Głowiński, 2020). Captain Electric may have hundreds of patents, but not all are equally valuable. Patent management helps prioritize and optimize the patent portfolio, ensuring that resources are focused on protecting the most strategically important innovations. Managing patents involves actively enforcing them against potential infringers and defending them in case of challenges. This is vital to maintaining a strong and defensible intellectual property position (Fisher III & Oberholzer-Gee, 2013). Effective patent management includes identifying licensing prospects, negotiating agreements, and deriving value from the intellectual property through monetization strategies (Fisher III & Oberholzer- Gee, 2013). Constantly monitoring the competitive landscape helps Captain Electric stay informed about competitors' activities, including new patent filings. This allows the company to assess potential infringement risks and take proactive measures to protect its innovations. Now, when it comes to a patent for a technology that improves consumer safety, the importance of patent management remains, and in some ways, it might be even more critical. A technology that improves consumer safety is likely to be a significant selling point. Patent management can help Captain Electric communicate its commitment to safety through its patented innovations, enhancing its public image can help Captain Electric navigate regulatory challenges and mitigate risks associated with safety-related issues (Grzegorczyk & Głowiński, 2020). Patents provide a period of exclusivity, during which Captain Electric can be the sole provider of the improved safety technology. Managing these patents strategically can maximize the duration of exclusivity and enhance the company's market position. References: Fisher III, W. W., & Oberholzer-Gee, F. (2013). Strategic management of intellectual property: An integrated approach.  California Management Review ,  55 (4), 157-183. Grzegorczyk, T., & Głowiński, R. (2020). Patent management strategies: A review.  Journal of Economics and Management ,  40 (2), 36-51. Biagioli, M., Jaszi, P., & Woodmansee, M. (Eds.). (2019).  Making and unmaking intellectual property: creative production in legal and cultural perspective . University of Chicago Press. Boldrin, M., & Levine, D. K. (2013). The case against patents.  Journal of Economic Perspectives ,  27 (1), 3-22. Heath, D., & Mace, C. (2020). The strategic effects of trademark protection.  The Review of Financial Studies ,  33 (4), 1848-1877. Miller, R. L. (2021).  Business law today: Comprehensive edition  (13th ed.). Boston, MA: Cengage. ISBN-13: 9780357634691
REFERENCE FOR THIS CLASS: KEEP IN CASE YOU NEED TO USE IT Miller, R. L. (2021).  Business law today: Comprehensive edition  (13th ed.). Boston, MA: Cengage. ISBN-13: 9780357634691
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