SUMMARY AND RECOMMENDATIONS ON EFFECT OF INTELLECTUAL PROPERTY MANAGEMENT AND PERFORMANCE

CHAPTER FIVE
SUMMARY OF MAJOR FINDINGS, CONCLUSION, RECOMMENDATIONS, CONTRIBUTION TO KNOWLEDGE AND SUGGESTION FOR FUTURE RESEARCH
5.1: Summary of Major Findings.
The major thrust of the study was to look at the effect of intellectual property management on performance of some selected manufacturing firms in the south east Nigeria.  The specific objectives are
1.      To determine the extent to which protection of intellectual property through trade mark affects the market share in manufacturing firms in the south east Nigeria.

2.      To ascertain the degree to which patents induce creativity in manufacturing firms in the same zone.
3.      To establish the level to which intellectual property protection fulfills its mission in manufacturing firms.
4.      To analyze the various risks involved in intellectual property registration to see if they are higher than expected benefits.
5.      To find out the extent to which corporate managers are involved in the management of intellectual property portfolio in their firms and the implications of their involvement especially in the south east Nigeria.


THIS IS A SAMPLE | WE ARE PROFESSIONALS IN WRITING

After careful analysis of the data collected from the field, it was discovered that;
1.      Protection of intellectual property through trade mark has a significant positive effect on the market share of a firm.
2.      Patents induce creativity to a very high extent. A lot however depends on the management style and the type of intellectual property rights used for which firm.
3.      The major risk of intellectual property is the cost of registration. Others are the risk of legal practitioners driving the process.
4.      Expected benefits of intellectual property are higher than the risks involved but due to poor management, some firms do not extract maximum value from their IP resulting to loss of benefit.
5.      Intellectual property fulfills its mission to a large extent when effectively and efficiently managed and utilized
6.       Corporate managers do not often significantly get involved in the management of intellectual property portfolio which results to loss of value.
7.      Most companies do not have a research and development department.
Other incidental findings were made during the study. These are unintended discovery which even though are important and are carefully stated here, yet they are less significant to the research. They include;
1.      Most companies hide their IP properties from their staff
2.       Firms in advanced countries are more users of IPR.
3.      Most industries especially small and medium scale industries do not border about research and development department. They operate for years offering products that can be modified or improved upon in terms of standard or even packaging through creative talented employees but because of absence of R&D department, the practice is impeded.

5.2: Conclusion
The protection of IP is fast becoming an instrument and tool for expansion of trade and generation of income when adequately exploited. With the new development and challenges arising from the use of IPR, it has become obvious that developing countries like Nigeria can benefit from IP system in same way as industrialized countries. However, Nigeria is yet to develop its technological capabilities that will enable the country to compete favorably at global market. The vulnerability of the developing countries, marginalization and corruption lead to stringent measures in intellectual property protection by overzealous owners and their dictatorship. This is because most times they are not ready to transfer intellectual property at affordable prices which then add to the general cost of registration. This and other factors have been a deterrent to IP development in Nigeria.

However, as awareness increases, as IP system is developed and as managerial skills are improved, Nigeria stands to benefit from the economic advantage. This is because as IP acquisition increases, performance increases and as management of IP is effectively and efficiently done, performance of firms also increases. As long as the relevant IPR is acquired for the right product or process, and management and control is undertaken by the relevant employees, and applied strategically, then to a great extent, the expected benefits from registration will not only be achieved, but will also lead to improvement in innovation, creation and invention which in turn will lead to increase in the socio economic standard of the country through improved performance of the various firms. It is therefore worth venturing into.

Often times, managers assume that the best way of using IP is to suppress competition. Others believe that sharing the value of IP is in the best interest of the firm. Certain factors affect the choice of IP to be used by any firm. The key factor however that shapes a firm’s propensity to use any of the tool is the degree of innovation practiced in the firm and/or the characteristics of the product being offered by the firm.  This is indicated in Greenhalg and Rogers (2007) where they observe that higher trademark activity has some positive association with performance of service providers but weak result in manufacturing firms. An improved understanding of different mechanisms and their possible interaction and overlap would be useful so as to provide the basis for decision when firms need to use a combination of different mechanism to protect the same IP.

So many risks are obviously involved in the use of IPR which tells negatively on the company’s profit but this is only in the short run because in the long run, other benefits are derived which include but are not limited to; Productivity, Profit maximization, Sustainability, Market Share, and Market growth.
Based on the opinion of the respondents shown in the findings, the study takes the stand that contrary to the prevailing perception of IP as not impacting much on the companies, intellectual property does have a significant positive impact on manufacturing firms performance as long as it is protected by IP right, and effectively and efficiently managed by the right personnel.

5.3: Recommendations
Following the hypothetical example given earlier, the study makes the following recommendations;
1.         Manufacturing firms should use trademark as a tool to protect their intellectual properties.
2.         Firms should also adopt the use of patent rights to protect and if possible combine it with other strategies that may be relevant.
3.         Since IP fulfillits mission to a large extent in industries especially when it is effectively managed, it is therefore recommended that industries should adopt the use of IP at all times as long as the product or process is IP compliant.
4.         IP management and control should not be left for the lawyers alone because many IP decisions are of strategic importance and should not be delegated to lawyers who have little knowledge of strategic formulation and implementation.
5.         Corporate managers should be involved in decision making procedures regarding their IP and IPR. Management practitioners also need to develop a balanced and well founded understanding of the means of IP management. There is need for careful assessment and planning before and after acquisition. 
6.         Early and continuous interaction between business executives, Managers, Lawyers and Engineers are critical to identify the best opportunities for developing intellectual properties.
7.         Since it’s a novel concept in some firms, awareness should be created to add to the knowledge of people especially in the south east Nigeria.
8.         Government should review the IP laws and policies in the country for an improved version. This willgo in tandem with both international practice and standard and WIPO standard.
9.         Companies should establish IP policies and include it in their mission and vision statements and their core values. This will also enable them to establish IP management system in order to not only retain IP but also to boost release of knowledge.
10.    Research and Development department should be an important department for any manufacturing firm
11.    Manufacturing firms should identify the challenges in IP policy documentation, enforcement, administration, and implementation and develop how to tackle problems posed by those challenges.
12.     Firms should survey the utilized IP management methods and identify the blockages in the IP management system to lead to an improved understanding of different mechanisms to protect the same invention.
13.     Organizations should also include it in the syllabus for institutional trainings
These recommendations if adopted will go a long way to encourage improved performance in our industries both in the short and long run.
5.4: Contribution to Knowledge
The study has exposed us to the fact that a few work has been done on IP management and performance of firms especially on the developing countries. Again, most work on IP borders on the legal aspect of it which is mainly infringement and prosecution and not on management. In UNEC, no study has been done on intellectual property management and performance of companies in the south east Nigeria.
The research also strongly supports that IP portfolio is better managed by strategic managers instead of legal professionals which is contrary to what is being practiced today in our country.
The study again shows that advanced countries are more inclined in the use of IP rights than in countries with emerging economies. The study has contributed to knowledge by attempting to fill the gap created by all the above.

MODEL PLAN TO FACILITATE INTELLECTUAL PROPERTY MANAGEMENT FOR IMPROVED PERFORMANCE

Figure 5.1: Model Plan to Facilitate Intellectual Property Management for
                     Improved Performance
Developed by the Researcher, December 2014

5.5: Suggestion for Future Studies
·              As was observed by Zang, (2010) in his study, there are no standard criterions for measuring IP. Also the issue of assigning a market value to IP and reflecting it in the financial statement will require significant accounting practice.  These should be identified as areas to further explore.
·              Risk reduction strategies should be identified and studied further for example, identifying issues like the characteristics of the IP, the workplace variables that affects it, and characteristics of the product, process or services provided by the organizations. 
·              More empirical research on the subject should be done in the developing countries to better understand how it works here in order to develop more appropriate policies supporting IP practice considering the business environment, and low level of technical advancement.
·              A comprehensive comparative evaluation of the strategies available to firms for managing IP should also be studied more for a better incite.

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QUESTIONAIRE
APPENDIX II
                       SECTION A: PERSONAL DATA ON RESPONDENTS
Sex:  (a) Male [  ] (b) Female   [ ]
Marital Status: (a)Married [ ] (b)Single (c)Widowed [] (d) Divorced [  ]
Age: (a)≤30yrs [  ] (b)>30≤40yrs [  ] (c) >40≤50yrs [  ] (d) >50yrs [  ]
Highest Educational Qualifications: (a)HND/B.Sc[  ] (b) MBA/ M.Sc/MA [  ] (d) Ph.D [  ]
Professional Qualification if any.............................
Employer........................................................
Duration worked in the firm in years. (a) ≤5yrs [  ] (b) >5yrs ≤ 10yrs [  ] (c) >10yrs≤20yrs [  ] (d) >20yrs [  ]
Category of management: (a) Top management [  ] (b)Middle Management [  ]

SECTION B:  STRUCTURED ORAL INTERVIEW.  Please answer YES or NO by indicating in the box provided.
Does your organisation have a research and development department?         [   ]
Are you aware of the intellectual property that has been acquired by your firm?     [    ]
If yes, does the firm have any form of protection for these properties?     [   ]
Do you think Intellectual Properties should be protected as much as physical properties?   [   ]
In your opinion, do you think these properties are being managed well?  [  ]

SECTION C: DATA ON THE MANAGEMENT AND PERFORMANCE OF INTELLECTUAL PROPERTY IN MANUFACTURING FIRMS
Instruction: This questionnaire attempts to analyse the Intellectual Property Management and Performance in Manufacturing Companies. It is based on five subscale or stressors as shown below. It is not a test so there are no right or wrong answers.  Your answers to the question will be completely confidential. Your candid opinion is therefore required.
Please tick × in the box that most appropriately describes your opinion. The options are;
SA- Strongly Agree, IA- Inclined to Agree, N- Neither Agree nor Disagree, ID- Inclined to Disagree, SD- Strongly Disagree.
APPENDIX III
Objective 1: To determine the extent to which Effective Protection of Intellectual Property through Trademark affects the Market share in Manufacturing Firms
RHI
SN
STATEMENT
SA
IA
N
ID
SD
1
Trademark, copyright, and patents to a large extent positively affect the market change of a firm over time.





2
The use of brand signature and brand name  increases the market strength of a company





3
The performance track of a firm increases with protection of their intellectual property





4
Trade mark, Copyrights and Trade secrets are powerful tools used by firms to fight against imitation of their products and processes.





5
The market index of your firm increases with the acquisition of intellectual property rights over their intangible assets.





6
Exclusive rights, Industrial design and Non-disclosure keeps away competitors thus increasing market share of your firm






APPENDIX IV
Objective 2: To ascertain the Degree to which Patents induce Creativity in Manufacturing Firms
RH2
SN
STATEMENT
SA
IA
N
ID
SD
1
Enforcement of patent laws promote technology innovation in manufacturing firms





2
The use of patents significantly prevents imitation leading to improved performance





3
The establishment of R&D department enhances creation of new products and processes





4
Acquisition of intellectual property rights enhances the invention of new products and processes thus improved performance






APPENDIX V
Objective 3: To establish the level to which Intellectual Property fulfils its mission in Manufacturing Firms.
RH3
SN
STATEMENT
SA
IA
N
ID
SD
1
The mission of intellectual property in your company is to impact positively to its success





2
Having exclusive rights significantly protects your intangible assets





3
Profit maximisations, increased market share and organisational sustainability can be achieved through the use of intellectual property tools





4
Trademarks, trade secrets, and brand signature to a larger extent determines the success of your manufacturing company





5
Profit maximisation can be achieved through copyright and other form of protection








APPENDIX VI
Objective 4: To analyse the various risks involvedin Intellectual Property Registration to see if they are higher than Expected Benefits
RH4
SN
STATEMENT
SA
IA
N
ID
SD
1
The risks involved in intellectual property registration is higher than expected benefits





2
Creativity, innovation, and invention are some of the benefits of protecting your intangible assets





3
Creativity, innovation and invention are some of the vital elements for promoting organisational performance





4
The cost of registration of intellectual property rights is recovered by the usage of these rights






APPENDIX VII
Objective 5: To find out the extent to which Corporate Managers are involved in the management of Intellectual Property Portfolio in their Firms and the implications of their involvement.
RH5
SN
STATEMENT
SA
IA
N
ID
SD
1
Corporate managers rarely get involved in the management of intellectual property portfolio





2
Often times, intellectual property portfolio management is left in the hands of legal practitioners





3
Strategic management of intellectual property portfolio is essential in order to achieve desired result





4
Creating and recreating of products and processes is as a result of poor management of intellectual property portfolio





5
Aligning business goals, strategic management and legal requirements extensively contributes positively to the firm’s performance.





6
Lack of management commitment to R&D department negatively affects the firm’s growth.






APPENDIX VIII
ORAL INTERVIEW SCHEDULE
Are you aware of the intangible assets in form of intellectual property possessed by your manufacturing firm?
Do you have any kind of protection of these properties in terms of legal instruments and/or firms activities?
What are these instruments and how are they being managed.
Who are involved in the management of these properties?
In your opinion, do you think that intellectual property protection contributes to the improved performance and general success of your firm?  If yes, then how?
APPENDIX IX 
Reliability of the Research Instrument
To test for reliability of the instrument, s test re-test method was adopted in which 20 copies of the questionnaire were distributed to staff of the selected firms. After some days, the instrument was collected and re-administered  for the second time, using  the Pearson-Product  Moment Correlation, Coefficient of Reliability which was found to be  r = 0.96 showing that there is consistency in the items  of the survey. 

Pearson – Product Moment Correlation Coefficient Showing the Reliability of Instrument.
Organizations
First average response (x)
Second average response (y)
Xy
X2
Y2
Jacobs Wine
4
5
20
16
25
General Cotton  Mill (GSM)
5
4
20
25
16
Ofali Rural  Industry Ltd
3
4
12
9
16
Hardis&Dromedas Ltd
3
4
12
9
16
Pittason industry Nig ltd
4
3
12
16
9
Alo Alumunium Man ltd
3
5
15
9
25
Ngo Bros and Coy ltd
3
4
12
9
16
Total

25
29
103
93
123
Source: Researcher’s Field survey 2014

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