By
Steve on Thursday, December 10th, 2009 |
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Intellectual Property (IP) is important to many businesses. Properly leveraged intellectual property assets can provide a competitive edge, increase revenue and create a “team environment”. IP is not limited to “high tech” companies or businesses with large research and development groups. Most businesses have IP assets that are valuable to the company, such as business procedures (both internal procedures and external procedures), customer lists, company brand/identity, creative ideas developed by company personnel and more.
Take Action. Be proactive in implementing an Intellectual Property Strategy and identifying new innovations. Do not limit activities to current products and services – look for unmet needs in related markets and develop innovative ideas in those areas as well. These developments in related markets provide opportunities for product expansion as well as licensing to generate additional revenue. Also, look for ways to extend existing products or services by identifying future needs of the marketplace. Evaluate current trends in your market and brainstorm solutions that meet future customer needs as those trends evolve.
Evaluate. Review all innovations to determine how they can support the company’s current and future goals. When a new innovation is identified, perform an initial analysis to identify any potential deadlines regarding protection of that innovation. Certain types of intellectual property protection have strict filing deadlines and other requirements to preserve your rights.
Existing Assets. Evaluate your existing IP assets to determine whether they are consistent with your current business plan. As your company’s business objectives change, look for new ways to leverage existing IP assets – through licensing, marketing and so forth. Take steps to ensure that all of your company’s existing innovations are identified and, if appropriate, properly protected.
Review your business goals today and begin developing an Intellectual Property Strategy that supports and enhances those goals.
By
Steve on Monday, April 27th, 2009 |
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Do you have a system for identifying ALL innovations and intellectual property developed in your company?
I have worked with many companies that did not have a well-defined approach to identifying innovations or intellectual property developed within their business. When I am working with those companies, a top priority is creating a system to identify and record all innovations developed throughout the company.
To ensure that your business is identifying all innovations and intellectual property, consider the following:
- Every person in your business is a Potential Innovator. Many companies assume that only the “scientists” or employees in the Research and Development Group are innovators. If you follow this approach, you will likely miss out on many valuable innovations. I have lost count of the number of times that a valuable innovation was developed by an employee who was not involved with product design or product development. I have worked with inventors who are shipping clerks, administrative assistants, sales representatives and marketing managers. Every person in your business should be treated as a potential innovator.
- Implement a system to discover ALL innovations. Create a system that encourages all employees to submit their innovative ideas for company review. Offer rewards and incentives to those innovators. Your system should accurately track all innovations submitted and include a periodic review process to evaluate those innovations.
- Teach ALL employees the importance of Identifying Innovations. Provide a training seminar, recorded video presentation, or other educational material for all employees to describe the process for identifying innovations. Explain how each employee can submit innovations for company review and the innovation reward program offered by the company. Also, emphasize the importance of innovation to the company’s future growth.
These techniques are useful in businesses of all sizes and in any industry. If your company does not already have a system for identifying all innovations, consider implementing an Innovation Action Plan today.
