IP (Intellectual Property) Development
The process of creating, formalizing, and expanding proprietary methodologies and tools that support sales strategy.
Implications
The process of creating, refining, and protecting intellectual property assets, such as patents, trademarks, copyrights, and trade secrets, often used to secure competitive advantages, generate revenue through licensing, and support innovation.
Example
Example: A tech company focuses on IP development by investing in research and development to create new software algorithms, securing patents to protect its innovations, and establishing a licensing program to monetize its IP portfolio.
Related Terms
Different from general R&D, which might focus on creating new products or technologies, IP development specifically targets the creation and protection of intangible assets that can be legally defended and monetized.
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