Intellectual property strategy is lacking in organizations across Europe, the Middle East and Africa, according to a recent study conducted by enterprise software company SAP.
The study found approximately one-third of companies view their own IT strategies as overly focused on "keeping the lights on." Sixty percent of respondents said their companies' approaches to IT prevent investment in the development of new intellectual assets.
The study, which examined nearly 500 companies, was based on interviews with senior IT decision-makers, including budget holders, budget decision-makers and CIOs. Organizations in eight countries participated in the research.
Respondents cited a number of factors preventing greater investment in innovation. Approximately 48 percent said economic uncertainty was a key barrier, while 39 percent said their companies are investing too much money on operations.
Many respondents indicated a concern that their businesses will be detrimentally affected by the lack of investment in an intellectual property strategy. Approximately 33 percent said they expect negative impact on revenue growth.
Many companies rely on intellectual property management systems in order to simplify the process of encouraging and profiting from innovation. In 2010, the U.S. saw a surge in the number of patents awarded by the Patent and Trademark Office, according to statistics published by Fairview Research.