Innovation and intellectual capital management plays an increasingly important role in the competition in high-tech industries. To work in markets where innovation is cumulative, such as electronics and semiconductors, firms often have to participate in the extensive licensing and cross-licensing. This need is reinforced by recent increases in the strength of patent protection, as well as a more active stance licensing of intellectual property. High quality patent portfolio not only reflects the inventive capacity of the company, but it can significantly increase its cross-licensing negotiation capacity and reduce royalty payments. In addition, it can contribute directly to product and process innovation. "Hide
by Peter C. Grindley, David J. Teece Source: California Management Review 35 pages. Publication Date: January 1, 1997. Prod. #: CMR074-PDF-ENG
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