Do you have a robust intellectual property strategy? And why does it matter? Intellectual property is one of the key assets of an organisation. It is becoming of ever-increasing importance in this digital world where ideas and information can be accessed, copied and stolen simply at the click of a button. Having a well-defined, robust intellectual property strategy will ensure that you are able to adequately protect your intellectual property assets – which in turn will promote and facilitate the growth and success of your organisation.
Does it really matter? YES!
- IP is an business asset that can create value and generate revenue through commercialisation of your IP:
- Core IP assets can be licensed to produce royalty streams,
- Non-core IP assets can be sold to produce additional revenue,
- IP assets can be used as collateral to assist in raising finance.
- IP grants you a monopoly right – so you can prevent others from doing what your monopoly covers.
- IP creates and enhances your competitive advantage – promoting and solidifying your market share; generating not only revenue but also customer loyalty.
- IP acts as a ‘bargaining chip’ in commercial negotiations (such as cross-licensing of others’ IP, joint ventures, co-existence arrangements) or in negotiating settlement of litigious disputes.
- Properly protected IP is a strong deterrent against others’ infringing your rights and against spurious infringement actions.
- Proper enforcement of your IP prevents loss and dilution of your IP assets – and therefore loss of revenue.
- A robust IP strategy:
- optimises business processes; enables development of sound business strategy,
- ensures efficient, cost-effective use and allocation of financial and human resources,
- separates the wheat from the chaff – enables identification of new, commercially-beneficial IP and discarding of obsolete IP,
- mitigates the risk of infringing others’ IP – thereby avoiding:
- wasted costs (legal costs, re-branding or re-development costs, payment of damages including in some instances treble damages),
- loss of management time,
- business disruption,
- reputational harm and loss of customer loyalty,
- criminal sanctions.
5 steps to developing a robust intellectual property strategy
Step 1: Identify the overall objectives behind your intellectual property strategy. What do you want to achieve?
Step 2: Identify and then protect your intellectual property.
Step 3: Maintain and regularly review your intellectual property strategy. Is it still appropriate? Is there adequate awareness regarding the importance of intellectual property in your organisation?
Step 4: Maximise the potential of your intellectual property through efficient exploitation and commercialisation of your IP.
Step 5: Enforce, where appropriate, your intellectual property to prevent loss and dilution of your rights and unwanted attacks by others.
How can we help?
- Conduct an IP Audit to understand what your IP assets are.
- Advise on the appropriate protection of your IP.
- Review and draft appropriate clauses in agreements with employees and third parties – to ensure ownership and protection of your IP.
- Provide training raise awareness around protection of your IP.
- Advise on appropriate enforcement strategies to prevent loss of your IP.
- Advise on appropriate clearance checks to avoid infringement of others’ IP.
If you are interested, please complete the form on the right or enquire now. We will contact you to find out more about your requirements and give you a quote.