LONGITUDE PRIZE: PART 3: INTELLECTUAL PROPERTY AND COMPETITOR LANDSCAPE
PART 3 INTELLECTUAL PROPERTY AND COMPETITOR LANDSCAPE LP applicants should consider IP protection issues. An IP landscape can be undertaken to ensure freedom to operate and to identify potential rights held that may create licensing costs in some markets. Securing IP throughout the development process is seen by some as a means to protect the investment and secure the market from potential competitors and enable sufficient market scale to be achieved to ensure cost reductions through economies of scale. The Longitude Prize does not have a policy on how aggressive a developer should be in terms of producing its IP but there is a requirement outlined in the Prize Rules that states, “The Longitude Prize winner will retain all intellectual property rights. However, if the competitor fails to develop and exploit their rights within five years of the award of the Prize, a license will be granted to InnovateUK or Nesta to develop and exploit the intellectual property rights.”
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