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.

Identifying innovations is an important step in generating, protecting and leveraging intellectual property assets. Innovations can help your business reduce expenses, create a competitive edge in the marketplace and increase revenue.

Innovation Disclosures. To be sure all innovations are identified in your company, implement an innovation disclosure program that allows all personnel to easily submit descriptions of their creative ideas. Each description should include the name of the individuals who developed the innovation, products or services that might benefit from the innovation and what steps have been taken to implement the idea.

Create a Simple System. Create a form or submission system that is fast and easy to use. The initial disclosure form should capture the key information necessary to determine the value of the innovation to the company. If a decision is made to leverage the innovation, additional information can be obtained at that time. A simple submission system will not be viewed as a burden by company personnel, and will likely result in documentation of more creative thoughts.

Tracking Innovations. Once submitted, use a tracking system to monitor the status of every disclosure submitted. This tracking system should identify deadlines, upcoming public disclosures and products or services that might benefit from the innovation.

Evaluation. Create a review committee to regularly evaluate disclosures and determine whether the innovation can be leveraged to advance the company’s business objectives. This review committee should include personnel from different groups within the company, such as research and development, marketing and manufacturing. These groups provide diverse views of how to best leverage innovations in the company in a manner that is consistent with the company’s goals.

Encourage all personnel to submit their creative thoughts for evaluation – and reward those activities. Every person in your company is a potential innovator. Start capturing and leveraging those creative ideas today to expand your business and build your intellectual property assets.

Innovations are important to many businesses.  Innovations often solve problems or improve an existing product or service.  Innovations can also improve internal business procedures.  Every individual, regardless of job function or training, is capable of identifying solutions – even if implementation or development of the solution is not their primary job function.

For example, company salespeople often receive feedback from customers and potential customers.  This feedback may include problems or missing features with existing products.  A salesperson must understand the importance of reporting that feedback to the company.  Additionally, the salesperson should be encouraged to communicate their own ideas or suggestions for solving a problem or improving products/services.

Educate All Personnel. Educating all personnel about the value of innovations to the company fosters a “team environment” and increases the likelihood of identifying important ideas and suggestions.  Also, encouraging different groups within the company to work together to create and implement new ideas strengthens the business. For example, if a customer service representative learns of a desired feature from a customer, that information is provided to the Product Development Group, which develops the new feature.  The Marketing Department then promotes this new feature to increase sales and provide increased value to existing customers.  Thus, several groups within the company can work together to leverage innovations.

Look Everywhere. Innovations are not limited to the products or services created by the company. Internal procedures, such as manufacturing processes, marketing procedures and sales techniques are subject to innovation.  An innovative idea in the company’s manufacturing process can save money, increase quality and improve efficiency.  Thus, it is important to teach personnel about innovation in all areas of the business.

Companies can encourage creative thinking by offering recognition and rewards to company innovators.  Brainstorming sessions, innovation contests, employee bonuses and related activities are important aspects of a successful Intellectual Property Strategy.