New Ways Needed For Managing Technical Assets
Technology is increasingly becoming a major source of competitive advantage; yet most corporations are struggling with a key question - how can they efficiently manage their technical resources to ensure a continual and timely supply of leadership products without an inordinate expenditure on research.
UNIVERSITY PARK, PA--Technology is increasingly becoming a major source of competitive advantage; yet most corporations are struggling with a key question - how can they efficiently manage their technical resources to ensure a continual and timely supply of leadership products without an inordinate expenditure on research.
While most companies have a chief technology officer (CTO), Anthony Warren, director of the Farrell Center for Entrepreneurship in the Penn State Smeal College of Business, believes it is time for a new way of managing technical assets, moving away from the classical model of internal R&D; to one where technology is treated as a tangible and liquid (i.e. tradable) asset.
"If your market value consists of more than 50 percent in intangible assets then you should have a board member specifically responsible for managing them with similar visibility to the CFO," says Warren.
The Farrell Center for Entrepreneurship is one of five research centers in the Penn State Smeal College of Business. Research under way in the Farrell Center for Entrepreneurship is aimed at innovation across corporate boundaries. This emphasis on the practice of entrepreneurism to large corporations and across corporate boundaries differentiates the Farrell Center from the majority of other such centers and prepares our students for careers as change managers in larger organizations where such skills are in great demand.
For more information, contact Anthony Warren at twarren@psu.edu or 814-865-4593.
