What is Intellectual Strategy and Management?
Intellectual property (IP) strategy is the planning of actions designed to maximise a business’ IP rights. IP management is the way in which a business effectively controls its rights. Both will form part of any successful business’ IP policy.
Why is it important?
All IP rights have a value and they must be nurtured in order to achieve their full potential. Start-ups and tech businesses in particular often overlook IP and underestimate the value of their rights. However, for businesses such as these with few tangible assets, it is especially crucial to maximise intangible assets. Don’t leave it until a conflict arises to consider how you will manage your IP. The development of an appropriate strategy should be done as soon as you have your business concept.
Things to consider.
- Start small and early – it is unlikely that you will have a full strategy in place while your business is in its infancy, but don’t let that be a barrier. There is no harm in starting small and remember that your plans can change.
- Consider your clearance strategies – you might consider different levels of clearance depending on how intrinsic various elements are your business, and the impact a claim would have on your business if overlooked.
- Consider your protection strategies – whether you will seek registered protection or rely on unregistered rights, and in what circumstances. As all IP rights are territorial, remember to think about other countries, particularly with patent and design rights, which have novelty requirements. Ensure employment contracts adequately cover IP ownership.
- Consider how you will enforce your rights - unenforced rights can be lost, so enforcement is important and knowing the costs and implications of the same from the outset can help you to avoid nasty surprises later on. Knowing your competitors and their routes to market are vital to deciding how best to enforce.
- Third parties – ensure that you have clear policies in place when disclosing rights to third parties, or when using the rights of third parties.
- Evaluate your rights and know what is most important for you to protect and retain. This will help inform how you want to protect your rights and how you want to enforce them.
- Record any renewal deadlines and retain any evidence of creation and use.
- Review your policies regularly to ensure you are maximising your businesses assets at all times.
How Brabners can help?
Brabners can either provide ad-hoc advice or work with you to develop effective IP policy tailored to your business.
For more information on the topic, please contact Hayley Morgan or another member of the Commercial team.
In our next blog, we discuss, Intellectual Property - Audits, click the link to read more.
