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Open Innovation Insights from Experts Paul Germeraad and Wim Vanhaverbeke

Open Innovation is a rapidly evolving methodology for accelerating new product development. Rather than developing innovations and new technologies secretly in a corporate laboratory, firms embracing Open Innovation actively seek new ideas from outside the firm and actively solicit ideas for their toughest challenges.

According to Wikipedia:

The central idea behind open innovation is that, in a world of widely distributed knowledge, companies cannot afford to rely entirely on their own research, but should instead buy or license processes or inventions (i.e. patents) from other companies.

Companies who have successfully implemented Open Innovation programs include AkzoNobel, P&G and GE.

Paul Germeraad is a member of MaxVal’s Intellectual Assets, Inc. (IAI) consulting unit. Paul is a recognized leader in the R&D and Licensing community.  He has helped many companies improve their R&D programs and IP Management practices.  He has seen through personal experience and the efforts of others what works and what does not. According to Paul,

When done right, Open Innovation can create huge new business opportunities! Since finding the needle in the haystack is the critical issue, our IAI practice can help any research intensive business make Open Innovation work alongside internal exploration options

Together with Wim Vanhaverbeke, business professor at Hasselt University, Paul has written a significant white paper on “How to find, assess and value open innovation opportunities by leveraging IP databases?

Paul and Wim observe that while Open Innovation initiatives are widespread, they do not always produce the desired results.  The paper places Open Innovation in the larger context of the firm’s overall strategy and patent management process.  It then provides specific suggestions for answering these three questions:

(1) How to find the right technology and partners in the available mountain of information?

(2) How to use new patent databases and patent analysis software tools to improve the speed and quality of finding exactly the right technology and partners?

(3) How to negotiate access in an equitable and timely manner after finding desirable technology and partners?

The paper includes a detailed example based on finding membrane technologies relevant to environmental protection and clean-up.

If you are interested in accelerating product development, we invite you to review Paul’s paper.

MaxVal’s Intellectual Assets consulting group offers services specifically tailored to help companies establish successful Technology Scouting and Open Innovation initiatives.  For more information, see Technology Scouting and Open Innovation.

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MaxVal Announces the Acquisition of Intellectual Assets, Inc.

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MaxVal Group, Inc., a leader in patent lifecycle management has acquired Intellectual Assets Inc. (IAI), a Silicon Valley based IP Advisory services firm.  IAI’s clients range in size from start-ups to Fortune 25 companies that include non-profits, investment organizations, government agencies, national patent offices, law firms, and management consulting service firms. MaxVal focuses on providing solutions to patent attorneys and improving operational and cost efficiencies in the patent operations groups. MaxVal’s solutions includes a mix of software products and value added services such as prior art searching, creating and maintaining patent databases, paralegal services, etc.  IAI has focused primarily on catering to the needs of R&D, Business Development and Licensing groups in companies by providing them project evaluation, competitive intelligence and strategic decision services.

The combined skill sets, capabilities and resources of MaxVal and IAI can now service a broader client base whose products or services depend on Intellectual Property for their inspiration and protection.

IAI will operate as a division under MaxVal and IAI’s clients will continue to receive the excellent quality of service, work products and advice that has been provided by IAI in the past.

The combination of MaxVal and Intellectual Assets Inc. will continue to develop, share and use cutting edge IP assessment tools and proprietary software to optimize patent lifecycle management.

About Intellectual Assets, Inc.

Intellectual Assets, Inc. is a privately held company, founded in 2001, headquartered in Saratoga, CA. It has an industry-wide reputation as a trusted resource for delivering best-in-class products and services. Intellectual Assets, Inc.’s extensive network of R&D and Licensing professionals enables it to deliver a suite of IP products and management services across an array of industries.  IAI’s team includes senior R&D, Licensing, Business Development, and Operations executives.

About MaxVal Group, Inc.

Founded in 2004 by a practicing patent attorney, MaxVal has created innovative tools and services to solve real-world patent problems encountered by their clients.  It serves both in-house and outside counsel, as well as patent operations at both corporations and law firms.  MaxVal’s team includes patent attorneys and agents, software developers, database experts, and paralegal and docketing professionals.

For additional information, contact D. Bommi Bommannan or Paul Germeraad at 650 472 0644.