NovumIP sets out to tackle three key IP industry challenges with new manifesto
Newly launched IP provider highlights Empowerment, Efficiency and Value Creation as the three core issues facing the IP industry
New global IP provider NovumIP has today published its manifesto Smart IP: Three priorities for value creation in the new global IP economy to shine a light on some of the biggest challenges facing the IP industry and offer practical guidance on how solving them can give businesses a competitive advantage.
NovumIP was formed in December 2019 as a joint venture between leading IP specialists Novagraaf and PAVIS. It has set out to become a new force in the IP market by combining Novagraaf’s more than 130 years of legal and consulting experience, with PAVIS’s expertise in high volume IP administration in a series of modular smart IP solutions.
NovumIP is the first new sizeable IP services provider to emerge in an industry increasingly marked by consolidation, and has been designed to combine scale and global reach with premium customer service in order to offer clients a new and alternative IP provider.
In this vein, its manifesto is built around three pillars – Empowering IP professionals, Delivering efficient IP administration and Driving value creation – which NovumIP has highlighted as key areas for improvement in the IP sector, and as areas where it can make a major difference to clients. The Group’s wide-ranging knowledge of industry trends, along with insights from clients, colleagues and other stakeholders, helped shape the manifesto and pinpoint the three pillars on which to focus its efforts:
- Empowering IP professionals: From inflexible service offerings and technologies to disjointed portfolios, decreasing budgets and demanding regulations, the manifesto addresses how IP professionals are currently lacking the holistic view that they need to harness the full potential of their IP. NovumIP believes this should be solved by service providers taking a more collaborative and flexible approach to client services, and by offering companies and their external providers a modular range of global solutions, data-driven insights, connectivity tools and strategic guidance through a single point of contact.
- Delivering efficient IP administration: Outdated tools, systems and practices hinder progression and add complexity to the administrative burden on under-resourced IP departments. NovumIP’s manifesto identifies how digital transformation, greater transparency and system connectivity can drive efficiency to help companies and their external advisers manage the increasing pressure to achieve more with less.
- Driving value creation: IP departments and their external counsel are faced with the perennial challenge of finding a balance between portfolio cost and quality – and this will only be further exacerbated by the COVID-19 pandemic. NovumIP believes that it’s up to us to change the conversation from one of cost to one of value, by helping to quantify and communicate the value of innovation and brand strength in the market, and by freeing up IP professionals to do what they do best: add value to their business through IP.
Commenting on the manifesto, Reinhard Ottway, Chairman of NovumIP, said: “Over the last 10-15 years, the IP sector has moved into the mainstream and towards the very centre of global value creation, opening the sector up to new challenges, but also new opportunities. To succeed in this new environment, we believe companies and their external advisers will need access to new types of IP solutions. Ones that unite IP legal advice and routine administrative tasks, that are not dependent on single technologies and which have at their heart a business focus that helps IP owners to address the issues they face now and in the foreseeable future. We hope that this manifesto will provide some insight into the steps we think will deliver the right solutions for the challenges all IP stakeholders face.”
NovumIP is an integrated, global IP provider that combines the excellence of business-focused consulting and the efficiency of tech-enabled services. Our smarter thinking and smarter technology helps clients to achieve their strategic goals, by informing critical decisions that increase and protect IP value. Building upon the deep customer knowledge, first-rate service and rigorous attention to detail of both Novagraaf and PAVIS, NovumIP is the new global benchmark in the IP market.