On July 22, 2020, Dr. Jili Chung was the featured speaker in the webinar “How the Trade War is Fostering IP Monetization in China”, an online seminar hosted by Cinalex. Legal professionals and students gathered together in this webinar to learn and discuss with Dr. Chung on the issue of IP Monetization in China, particularly within the context of the US-China trade war.
Cinalex is an Italian online portal designed to provide the most important news and information on law and regulatory changes within the People’s Republic of China. Its online platform offers a wealth of information and acts as a resource for universities, institutes, and research centers alike. This CLX Talk would not have been impossible without the efforts of Enrico Toti and Carlo Geremia in organizing this event.
Dr. Chung offers a wealth of knowledge on the topic of IP monetization in China. His 20 years of experience working in China and for multi-national corporations, not to mention, his educational background as an MIT Sloan Fellow with a PhD in law, a JD, and an MBA, among other certifications, allows him to clearly articulate the complexities behind IP monetization.
His most recent work has been involving his new book Innovation’s Crouching Tiger and running a start-up, SpringIP, whose aim is to foster innovation for small-to-medium enterprises in China by utilizing AI and big data for IP monetization.
The talk began with Dr. Chung mapping out the trajectory of the webinar:
- What is IP monetization?
- Three Key Factors to Successful IP Monetization
- How is the changing environment changing and benefitting IP Monetization?
In the first section, Dr. Chung began by creating a baseline understanding of IP monetization through the use of an analogy involving apartment rentals in Italy.
Next, Dr. Chung gave a clear overview of the three most important pieces of successful IP monetization:
- An IP’s value must be ascertained and recognized.
- There needs to be enough quality IP to form a pool.
- A transparent judicial system is important to build trust in the process of
Dr. Chung’s final section in his talk emphasized the unprecedented awareness of IP and its value China; business owners and legislators know, understand, and recognize the importance of IP, given that this is one of the biggest factors in the trade war with the US.
The global supply chain is experiencing great transformation. US businesses are pulling out of China, forcing manufacturers to innovate and transform their business positioning in the value chain by attempting to swim upstream.
A legal student noted their interest in the growing awareness of IP in China and the legal framework surrounding IP in China. Dr. Chung recommended that students can look at the actual legal text for deeper understanding. However, situations involving IP cross beyond IP law, dipping into contract law, finance law, leasing law, and many other sectors. IP law does not exist within a vacuum, instead it is always interacting and in dialogue with other forms of law.
Another law student asked how the transformation in production for Chinese businesses effects or involves business or legal professionals, particularly from Italy. In response, Dr. Chung emphasized that the dominant global supply chain between the US and China has fractured, meaning that this is a moment of opportunity for countries such as Italy.
The webinar closed with a final question posed by one of the legal professionals attending, Enrico Tito. Dr. Chung was asked if he could offer any advice for the next generation of lawyers. In response, Dr. Chung brought up the fact that the world is seeing massive transformations in the current moment: emerging technologies, the US-China trade war, and COVID-19. Although it is impossible to see what lies in the future, new generations of legal professionals should get some exposure to and become familiar with China. This country is facilitating change on a global level, it has become a major global force. He ended with: “if you know China, you can make your own path.”
An excellent way that young professionals and students can become familiar with China
is by joining the team for Dr. Chung’s new book Innovation’s Crouching Tiger. The team i
s looking for people to get involved in producing videos promoting the book and in doing so would allow students the opportunity to work closely with the entire team and key members such as Dr. Chung himself and Carlo Geremia, an Italian expert in cross-border investment, M&A, and IP strategies.
Contact Dr. Chung at firstname.lastname@example.org to learn more about collaborative opportunities with his forthcoming publication Innovation’s Crouching Tiger.