Long gone are the days of relying solely on a quirky brand name to make money. Whilst clever branding can certainly be leveraged and used to create a keen public interest and loyal customer following, businesses now need a rounded and well kept Intellectual Property (IP) portfolio to guarantee being ahead of the game,
adequately protected and successful.
IP is a key business asset when staying ahead is more challenging than ever. Processes need to be put in place to identify IP, and employment contracts need to be properly worded to guarantee correct ownership.
Trademark and patent registrations need to be efficiently managed. Many companies file patents as and when innovations are created, without assessing if this is in line with the overarching business plan. This sporadic method often misses out on the many key advantages which a properly structured IP management strategy can provide; including mazimising IP generated revenue and market advantage. Strategies need to be aligned with other business objectives, with the cost/risk/benefit carefully scrutinised to avoid the time and effort involved in registrations being wasted.
Ideally, the IPM strategy will be implemented early on - even at business plan stage - so as the company grows it has a solid and effective strategy in place. For companies that are further down the line and haven't thought about their IP position, it is still possible to implement an IPM strategy - it will just require a little extra work and potential remoulding.
To view the full article in "Whatify" by our IP Consultant, Hannah Alphey, and find out how to implement an IPM Policy in 5 steps, click on the link below.