ABSTRACT
This chapter explores the importance of innovation, intangible assets, and Intellectual Property (IP), not only to benefit one's bottom line in the short term, but also to enable one to thrive in the future. The Manager's Legal Plan will be used to help one to execute a strategic plan that will yield sustainable competitive advantage over the long term. We focus especially on potential positive aspects and outcomes of collaboration between businesses. The chapter has applied the four-step Manager's Legal Plan for achieving and sustaining competitive and collaborative advantage through intangible assets and IPR. It also shown that by understanding the law and marshalling required resources one can proactively develop, protect, and exploit their intangible assets and sustain ongoing success through them. If another company claims that one have infringed their IP rights, he may be able to use his own rights to negotiate a creative settlement, as many infringement cases are settled by the parties giving each other cross-licenses.
