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://www.ip-research.org/projects/innovation-and-ip-strategies-for-growth-and-value-creation-in-medicine-and-technology/

 

https://www.themanufacturer.com/articles/from-innovative-ideas-to-viable-businesses-how-an-ip-strategy-can-help/

 

https://learn.marsdd.com/article/intellectual-property-strategy/

 

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