A well-formed IP strategy provides a structured intellectual property harvesting and monetization plan that is aligned with your business goals and recommends the right IP asset (patents, trademarks, copyright, trade secrets, or industrial designs) based on the nature of your business.
Steps in IP management strategy:
- IP Audit – Identifying intangible assets and intellectual property of the organization and knowing (researching) the IP strategies of competitors (through Landscape and FTO), planning to maximize the impact of IP on business success, identifying IP gaps (through IP market research)
- Develop a strong IP portfolio (including Patents, Trademarks, Trade secrets, Designs, and Copyrights) aligned with business objectives
- Protect your IP Assets – by filing Patents, Trademarks, Designs, and Copyrights
- Monetize your IP Assets – prevent others from infringing on your IP assets by sending cease and desist letters, negotiate cross-licensing or settlement agreements, or file litigation etc. (Infringement Analysis)
- Increase value of your business
- Increase your business’s reputation by distinguishing it from competitors
- Get exclusive rights on your IP assets and a competitive advantage in the market
- Reduce legal risks to your business by ensuring your offerings do not infringe on third-party IP rights – A Freedom to Operate or clearance search can reduce the chances of lawsuits, injunctions, rebranding, negotiations etc. and bring you peace of mind.
- IP Rights – patents, trademarks, copyrights, and designs – give you an exclusive right to stop others (competitors and counterfeiters) from imitating your inventive goods or services and brands
- IP Assets can be used as collateral while seeking loans or investments
- Monetize your IP Assets and increase revenue by licensing, franchising, etc.
- Get an upper hand while negotiating with competitors
- Identify, protect and manage your business’s IP efficiently