Harvesting Intangible Assets by Andrew J. Sherman - Book review

Harvesting Intangible Assets

Uncover Hidden Revenue in Your Company's Intellectual Property

By: Andrew J. Sherman

Published: October 20, 2011
Format: Hardcover, 270 pages
ISBN-10: 0814416993
ISBN-13: 978-0814416990
Publisher: AMACOM

"The flaws in our 500-year-old double-entry accounting system for recognizing the value of intangible assets are at the heart of a current and pervasive debate in the accounting and finance professions", writes partner in the Washington, D.C. office of James Day and a top-rated Adjunct Professor in the MBA and Executive MBA programs at the University of Maryland and at Georgetown University Law School, Andrew J. Sherman, in his thought provoking and transformational book Harvesting Intangible Assets: Uncover Hidden Revenue in Your Company's Intellectual Property. The author describes how the concept of innovation as a company growth creator is widely recognized, but the results of that innovation in the form of intellectual property, is not often well managed or developed fully as an asset.

Andrew J. Sherman compares the concept of intangible assets to farming, and offers a compelling analogy to the growing of crops to the development and revenue creation from intellectual property. The author understands that simply being an innovative company is no longer enough to succeed in today's highly competitive marketplace. The innovation process is all too often isolated from the revenue building side of the organization, creating a disconnect between the innovation and the monetizing of the resulting intangible assets. To bridge this gap, Andrew Sherman provides readily applicable strategies and tactics for transforming intellectual property from the idea stage to valuable, revenue producing products and services.

Andrew J. Sherman (photo left) recognizes that companies that fail to capitalize on the full revenue potential, to be gleaned from their intellectual property, are missing out on some tremendous growth opportunities. The author points out how companies have all too often failed to benefit fully from their many intangible assets ranging from patents and processes to personnel expertise. All too often, these potentially high revenue and high profit assets are neglected or considered not worth monetizing. Andrew Sherman demonstrates how to develop a strategy for capitalizing on intellectual property, and how to execute that strategic plan effectively and profitably.

Andrew J. Sherman covers the various management, accounting, and legal aspects of monetizing intellectual property. These ares include:

* Building an innovation focused culture
* Harnessing the power of intrapreneurship
* Intellectual Asset Management (IAM)
* Developing a comprehensive legal strategy
* Preparing the innovations for market
* Examining the various strategic alternatives
* Cooperatives, partners, licensing, joint ventures and franchises
* Taking the ideas global

For me, the power of the book is how Andrew J. Sherman combines a strong theoretical framework for understanding the potential offered by intellectual property, with actionable strategies for monetizing the company's intangible assets. The author employs an analogy of farming, from planting to harvest to marketing the crops, as a guide to the steps for developing and marketing the company's intellectual property effectively to boost the organization's overall revenue.

Andrew Sherman makes the important connection, between innovation and monetizing the resulting intangible assets, that is so often missing from many corporate business models. The author strengthens his analysis by providing real world examples of companies who are marketing their intellectual property effectively to grow their revenue and profits.

I highly recommend the breakthrough creating book Harvesting Intangible Assets: Uncover Hidden Revenue in Your Company's Intellectual Property by Andrew J. Sherman, to anyone seeking a comprehensive and very engaging guide to uncovering and monetizing their company's important intellectual property. This book will move your company beyond being merely innovators to monetizing the profits within that bumper crop of innovations.

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