Lake Asphalt Trinidad and Tobago (1978) Limited (LATT): A Case Study on Intellectual Property Commercialisation in a Public Sector Corporation.

Modern innovative organisations incorporate management tools such as strategic flexibility (in the form of mass customisation, subcontracting or outsourcing of non-critical activities and the use of contingent or temporary workers), informal communication by leveraging information technology and business-to-business collaborations along their value chains. Efforts to foster Research, Development and Innovation (RDI) is relatively low in Trinidad and Tobago. The Innovation Pillar of the Competitiveness Index from the World Economic Forum shows that only a small number of patents are filed in Trinidad and Tobago. The Republic of Trinidad and Tobago is ranked relatively low regarding Innovation. Varied approaches are employed to foster innovation. Intellectual property developed domestically is managed and protected in a variety of ways including patenting, licensing, trademarks and at times via various forms of confidentiality arrangements. The protection of Intellectual Property (IP) is only one cog in the wheel of a sustainable Innovation Management System. Some financing is also available along with expertise in science and technology. This paper examines the best practices regarding Innovation Management Systems (IMS) and reviews one such system as it applies to a local company and its development of new asphalt products from the natural asphalt from Pitch Lake. It discusses the impact of strategic management, management tools and organisational culture on product commercialisation. Based on the discussion, LATT’s IMS would be improved from both behavioural and environmental perspectives, that the Company has patented 33 products in 33 years, and 8 have been commercialised. This paper proposes a structured approach to Innovation Management Systems that fosters success in new product development with appropriate protection for intellectual property rights. It also recommends possible strategies for allowing LATT to commercialise its existing IP through licensing agreements. [ABSTRACT FROM AUTHOR]