It is well known that these activities work best when integrated as part of a business strategy. It should also be recognized that an intellectual property strategy is needed to maximize the value and extend the lifetime of this competitive advantage.
Patents are the most common form of intellectual property.
For developments which are new, useful, and unobvious, patents can preserve the exclusive benefits for many years. But getting the full benefit from a patentable invention entails much more than just a patent. It must be a well crafted patent that derives from an understanding of the invention. Additional research and patenting will often be necessary to achieve full benefits. Of course, inventions need not always be patented.