Why Have an Intellectual Property Strategy?

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.