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Intellectual Property Strategy Tips

An effective Intellectual Property (IP) Strategy can support your business by increasing revenue, providing a competitive advantage in your market and increasing valuation. An Intellectual Property Strategy can also position your business as an “innovator”, which can attract customers, top employees and top contractors.

Based on your business objectives (both short-term and long-term), develop an IP Strategy that specifically addresses those business objectives. If a business objective is to expand into a new market, your IP Strategy may include looking for unmet needs in that new market and developing innovative solutions in meet those needs. Protecting those innovations will strengthen your position in that new market.

To generate additional business revenue, consider licensing existing Intellectual Property or creating new Intellectual Property assets that can be licensed or sold. Consider the use of brainstorming sessions and innovation contests to create new Intellectual Property assets within your company. Define a system for identifying, documenting and evaluating all innovations developed during these brainstorming sessions and innovation contests.

Review your IP Strategy regularly to evaluate the success of the strategy and to be certain the strategy remains consistent with your business objectives.

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