Intellectual Property Management: Foxconn Vs. BYD

Intellectual Property Management: Foxconn Vs. BYD
Student's Name
Institution/Affiliation
Course
Professor
Date.
Intellectual Property Management: Foxconn Vs. BYD
Intellectual properties are mind creations, intangible assets owned by a company and protected by law from unauthorized personnel or outside users. Intellectual properties help in promoting innovation and creativity in society. Trademarks, copyrights, and patents are some of the intellectual properties. They help individuals to benefit financially and earn recognition for their creations and inventions. The protection of intellectual properties enables innovation and creativity to grow and flourish. There are various ways in which companies can generate revenues from intellectual property. According to Luo and Zhang (2019), some methods include asset monetization, where tangible and intangible assets are converted to revenue-generating revenue. These can be done to trademarks, copyrights, and designs. Licensing someone else's intellectual property can be either out-licensing or in-licensing. One earns from giving their IP rights to another person or company. Intellectual properties can generate income by moving it to another company if it's not being utilized to their potential by its company hence covering a more extensive scope. Intellectual properties can be used as collateral by its company for security purposes like any assets. Companies can turn their intellectual properties into products they offer customers to generate revenue.
The case study is about intellectual property in companies. Foxconn International Holdings Limited and BYD Company Limited are the two major companies in this case study. Foxconn International Holdings Limited, also referred to as Foxconn, was one of the major mobile phone manufacturing companies. There was a disclosure of secrets that belonged to Foxconn company in May 2006 to a competitor who was the BYD company limited (Li et al., 2009). The mysteries were leaked by the employees working in the company during that period and the previous ones in China. The company sued four of the employees involved and was convicted successfully. Foxconn used evidence from BYD's premises to press for criminal charges against BYD company limited. BYD company was charged with stealing trade secrets from Foxconn company. In December 2008, all illegal charges pressed against BYD company limited were dropped, and three officers conducting the investigation were arrested for fake evidence, evidence destruction, and receiving bribes. one employee from BYD company was arrested and detained for BYD's trade secrets theft and accepting a bribe from a company related to Foxconn. At the time, Foxconn searched for the best strategy to prosecute this case.
Companies face significant difficulties when protecting their trade secrets. Lack of evidence and cle...