Intellectual Property (IP) assets are vital to many companies. Proper leverage of IP assets can offer a competitive edge, increase revenue, extend product lines and produce an "innovation culture" within the company.
Many individuals mistakenly believe that innovations are restricted to "high tech" firms or those with a large research and development group. But, most corporations have IP assets, like business procedures (both internal and external procedures), customer lists, company brand/identity, innovations developed by company staff and more.
Regardless of the business or the scale of your company, an Intellectual Property Strategy will strengthen your business. It's never too early to start out wondering this strategy - early planning can accelerate business growth and cut back the chance of future problems.
1. Understand the Totally different Types of IP Assets. An vital first step in developing an IP strategy is to understand the different sorts of IP assets and the way they'll strengthen business activities. Copyrights, trademarks, patents and trade secrets are several of the common types of IP assets. These assets have different levels of protection and ranging procedures necessary to guard the asset.
2. Identify Varieties of IP Applicable for your Business. A successful Intellectual Property Strategy considers the various types of intellectual property that are a logical "fit" for the company and therefore the business objectives.
3. Outline IP Goals. Define goals (both short-term and long-term) that support your business objectives. An IP Strategy will support business goals by increasing revenue, creating a competitive advantage, attracting capital investments and positioning the business as an "innovator". The IP Strategy can additionally support extension of existing product/services, foster a "team surroundings" and increase valuation of the business.
4. Shield Confidential Information. Every business has confidential and proprietary info that requires proper management. Diligent use of a written Confidentiality/Proprietary Info Agreement is an important technique of protecting confidential and proprietary information. This agreement is signed by everyone who has access to confidential/proprietary info, like staff, contractors, vendors, advisors, investors, board members and prospective customers.
5. Educate and Encourage Innovation. Many businesses assume that innovative activities are restricted to the analysis and development cluster or to personnel with advanced scientific degrees. Although these teams and people are vital to an IP Strategy, each person in a corporation is a potential innovator. Innovations typically solve issues or improve an existing product or service. Everyone is capable of identifying solutions, whether or not developing the answer isn't half of their job function.
6. Manage All Innovations. Identifying innovation could be a crucial step in creating and leveraging intellectual property assets. Implement an innovation disclosure program that enables all personnel to simply prepare and submit descriptions of their innovations. Once submitted, a tracking system monitors the standing of every innovation disclosure. This tracking system should establish deadlines, upcoming public disclosures and alternative activities related to the innovation.
7. Take Action. Be proactive in implementing an IP Strategy and identifying new innovations. Don't limit activities to current product and services - explore for unmet desires in connected markets and create intellectual property in those areas.
Identifying, developing and leveraging IP assets takes time. Review your business goals these days and start developing an IP Strategy that supports and enhances those goals.
Author Resource:
Adam has been writing articles online for nearly 2 years now. Not only does this author specialize in Intellectual Property Ways - seven Tips to Grow Your Business With an IP Strategy
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