The value of intellectual property rights varies when viewed from different perspectives. These include:
- The inventor’s perspective.
- The inventing enterprise’s perspective.
- Licensee’s perspective.
- Social and perhaps global economic perspectives.
Some objectives related to the value of an invention or intellectual property rights may be economic in nature, such as financial gain, growth, profitability, stability and other rewards. They may also include social esteem, prestige, power, respect, reputation, international expansion and social welfare.
Social objectives for inventiveness, exploitation of intellectual property rights and innovation include increased economic activity, entrepreneurship, employment, tax revenue, international competitiveness and general public welfare.
Evaluation of the commercial potential of an invention entails several parts and stages, such as:
- Marketability, market potential and competitiveness
- Novelty, inventiveness, patentability, use of other IPR
- Level of technology involved
- Manufacturing viability
- Operational issues
- Business goals, potential and environment
- Management of the company
- Human and financial resources of the company
- International aspects, competition and cooperation.
The main objective with any invention after patenting is to develop it into a marketable product and an economic success.