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Expand your Business by Implementing an Intellectual Property Strategy

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.


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