Willis Group Holdings is partnering with Innography to launch Willis PatentWize, an enterprise-wide business intelligence solution that is part of Willis’ overall plan to help companies better manage their intellectual property (IP) risks.
Willis said it will offer a comprehensive suite of technology, consulting and risk transfer solutions that will deliver a complete approach to intellectual property risk management. The broker’s strategy is built around Willis PatentWize, designed to help companies of all sizes gain a better understanding of their IP risks.
“Intellectual property and other intangible assets are a critical and growing part of the global economy, and carry with them a unique set of risks,” said Don Bailey, chairman and CEO of Willis North America. “Those risks are on the rise as a result of the increasing globalization of business, investments in offshore operations, and the ubiquitous use of information technology, which makes IP assets more difficult to protect.”
In the U.S. alone, intellectual property is worth $5 trillion, and accounts for more than half of all U.S. exports, helping to drive 40 percent of U.S. economic growth, according to the U.S. Chamber of Commerce’s Global Intellectual Property Center (GIPC). The theft of intellectual property is a growing problem, accounting for $500 billion to $600 billion in lost sales each year, or 5-7 percent of world trade, as reported by the Organisation for Economic Co-operation and Development (OECD).
Willis PatentWize establishes a new standard for effectively dealing with IP risk by providing rapid and relevant insights based on the automated correlation of patent, trademark, legal, financial and other key information. Powered by the Innography software platform, this IP business intelligence solution instantly displays real-time visualizations that can be leveraged to:
- Improve the strength and marketability of new technologies and inventions
- Identify emerging industry trends, opportunities and threats
- Disclose and preempt points of exposure to litigation
- ·Reveal critical details when evaluating merger and acquisition candidates and partnerships
- Conduct required portfolio reviews and compliance audits
Willis PatentWize combines dozens of patent, trademark and business data sources from more than 70 countries to generate interactive visualizations that make IP research and analysis more efficient and cost-effective. It initially will be offered to Willis clients in North America starting August 17, 2010 with the potential for future international expansion.
On August 17, 2010 at 11:00 a.m. (EDT), Willis and Innography will co-host a live webinar on effective IP risk management strategies by showcasing actual use case scenarios and demonstrating Willis PatentWize.