While the overwhelming majority of companies are aware of the importance of having a solid intellectual property strategy, many still lack understanding of the field, according to the findings of a recent study.
The report, entitled Intellectual Property Survey Report 2011, was published by Marsh and Liberty International Underwriters and examined intellectual property trends in businesses worldwide.
According to the study's findings, approximately 70 percent of companies regard intellectual property as a crucial incentive for innovation. Nevertheless, approximately 75 percent of respondents were unable to say what proportion of their companies' values could be attributed to intangible assets, such as intellectual property.
The study also found that awareness of the importance of intellectual property is greater in the United States than Europe. Approximately 70 percent of U.S. respondents said patents were of high or medium importance, compared to 56 percent of European respondents.
According to Fredrik Motzfeldt, leader of communications, media and technology for Marsh in Europe, the Middle East and Africa, intellectual property is often "the critical asset for firms to protect."
The survey, Motzfeldt said, indicates that there is a "real need" for companies to be more proactive in the approach they take to risk management and protection of vital assets.