The modern, information-driven economy relies heavily on creating value through the use of intangible assets and intellectual property. However, most companies drastically underutilize their intellectual property assets. Some studies estimate that 67% of U.S. companies own intellectual property that is in no way commercially exploited, and others estimate that companies which license their intellectual property extract only a fraction of the potential licensing revenue that could be generated by held assets.
Companies that hold significant intellectual property are realizing that the first step to increasing IP asset revenue is creating & collecting metadata on digital assets. A mature, diligently maintained set of metadata describing intellectual property assets allows managers to fully understand, reuse, and monetize these assets.
In turn, a more informed understanding of the intellectual property assets helps managers avoid redundant spending, streamline operations, identify potential sources of additional revenue, and take advantage of a number of “soft” benefits that may arise depending on the nature of the business in question. Investments in metadata allow a firm to increase the value potential of the intellectual property it owns by identifying potential new asset utilizations.
KlarisIP has published the first in a series of white papers that explore the challenges of intangible asset utilization through the lens of intellectual property metadata and its role within companies. We use the term “IP metadata” to describe content assets such as photographs, video, sound recordings, literary works, graphic design, etc., focusing on the Media & Entertainment, Consumer Packaged Goods, Apparel, and other B2C industry sectors.
Our first paper in the series explores the seven primary cases for investing in metadata creation and maintenance, and valuing it as a capital asset. If you’re looking to build a business case for metadata investment, be it in staff, technology, or time — we help you make the case.
Get the paper here.