Speed up your innovation. Buy IP rights.
Buying IP rights developed by others is an efficient way of strengthening your company’s innovative capacity. Instead of developing everything in your own company, buying (or licensing in) IP rights owned by others allows you to stand on the shoulders of other smart people. In the era of open innovation, utilizing the knowledge generated by others is something that is worthwhile investigating.
The traditional way of bringing products to market typically includes idea generation, R&D, prototype, manufacturing, marketing and selling. If you buy or license in the solutions of others, you can save time and thereby reduce costs in the early development stages, simply because you don’t have to spend time on developing the same knowledge again.
Say you have an established business in the area of waste management. You want to develop a smarter robot that sorts the waste in a finer and more detailed manner, thereby making it possible to reuse more waste. Buying or licensing in IP rights, e.g. a patent owned by another company, can in this situation be an efficient way of strengthening the innovative capabilities in your company. It can help you improve your innovation processes by obtaining access to knowledge globally. There is also a possibility of reducing both own development costs and time when buying or licensing in the IP rights of other.