Intellectual Property Strategy: The key to successful operation.
Intellectual Property Strategy: The
key to successful operation.
Intellectual
Property (IP) Strategy will establish the value to your innovations that will
boost business growth. All businesses from startups to corporations need to
incorporate an IP strategy into their business objectives. MaRS Startup Toolkit
states that IP is required to be considered as a company asset. IP strategy is
a plan that is in sync with your goals for the company. Each business will need
to have a different IP strategy to increase value and booth growth for
successful operation.
For
small companies, the main issue when considering IP strategy is a problem of
available resources. This includes the available budget and lack of experience
for IP. The option to source third parties for IP support is not always
possible, but thankfully IP professionals are now available with lower costs.
One common mistake small companies including startups tend to make is setting
the wrong goal, instead of focusing on how to increase the most value that
aligns with their business goals and belief, they tend to demand the quickest
option to get a patent. This is why it is always better to have someone
specialized in the topic with experience in the IP field.
Businesses
need to understand that trademarks, copyrights, patents, and trade secrets are
all different legal tools aimed for different purposes. You have to consider IP
protection does not only translate to patents. Stick to the current business
goal before consideration on the type of protection you need for the specific
IP strategy.
There
are main steps to planning the right IP strategy for your company which is 1.
Explore the business model considering your objectives, 2. Which of these
objectives can improve with IP? This helps identify the specific areas in your
company that need IP support, 3. Selecting the right IP assets to achieve your
objectives, these are the legal tools mentioned above, and 4. Identify
different actions to turn into your IP strategies.
By Mr.Yossapat Paramatkitjakan.
Founder / MD / Business Innovation Trainer & Intellectual Property.
IP ASIAN COMPANY LIMITED.
References
https://learn.marsdd.com/article/intellectual-property-strategy/
