Building a Smart IP Portfolio

Introduction

Companies need to think carefully about securing, handling, and exploiting different IP assets in the organization. Taking advantage of IP asset strength is an important element of business performance and ensuring a strong IP portfolio is an essential strategic priority. By implementing an intelligent IP strategy, businesses will secure their main assets and drive sales economically.

Here we laid out some key points for IP strategy success.

1. Please have tough questions.

Solid foundations form the basis of efficient IP portfolios. This calls for difficult questions about the organization and its importance.

Ask things such as why are we edging my competition? How special do we become? Why and how is the better quality of our product/technology? Why is our brand more familiar? Is our logo identifiable in particular? In particular, what do we need to avoid our rivals to maintain their market advantage in our company? These answers help direct the emphasis of your IP strategy. The faster they get the better response!

2. Emphasis on market value squarely

IP approach leads to driving profits. Identify your business income's cornerstones – current and prospective. Strongly concentrate the IP policy on these main trade levers and avoid being distracted by smaller-scale, lower-income markets that are better allocated to the IP budget.

3. IP's willingness to grasp 'attractive'

IP has desirable functions, as well as protective functions.

Potential investors want to be sure on the enticing side that a robust IP plan is already in place and applied that will help to increase their capital investment.

Why think so much about investors? The side of the defense. Successful IP strategy allows 'contesters out of the grass' through the defense of key properties. Protecting IP assets not only preserves market share but gives good negotiating power. In addition, legislation (like 'patent panels') in some jurisdictions ties innovation financing to tax breaks, meaning that the IP is an efficient means of tax reduction.

4. Preserve your land

IP ownership law is never uncomplicated. Businesses also fail to understand that they do not actually own the product simply because they paid for production. From the outset, you need an IP ownership agreement, particularly if you collaborate with third parties, subcontractors, or consultants. Drop it too late and it can be impossible to reach an agreement. The more successful the partnership is the more complicated it will become!

5. Various tools available

A broad range of building blocks with various applications, consequences, and costs are accessible for building an IP portfolio. For instance, certain IP rights are automatically defined (for example in the UK) while the precise application of stronger "registered" rights, such as patents, registered trademarks, and designs, needs to be made. Often it can be just as successful to keep something 'trade secret.' Strong IP portfolios also combine various approaches and rights with each other.

6. Pay, Rent

Territorial IP rights, if the IP assets are to be covered in more jurisdictions then more IP privileges – which are more costly – must be ensured. You should know what markets are best for you and potential investors to deliver sales growth. One common strategy is to preserve businesses' resources on large strategic markets and countries whose main rivals function where they are well established.

7. Get the best time

All about timing is an effective IP strategy, particularly when applications for IP rights are timed. For example, before the invention is made public, the first patent applications should be made as to whether or not the patent is issued on the basis of what was known to the public before the application was filed.

In most nations, registered IP privileges are issued on the basis of first-come, first-served." A delay in filing in a competitive sector may also be very detrimental. Luckily, there are systems that allow significant delays in making the most costly decisions. Sometimes it is possible to wait until a period has passed or disappointment in the project, so as to make an informed decision on the countries (if anywhere security should be pursued.

8. Take a good look at rivals

Note, as you expand your IP portfolios, your rivals will build. Moreover, they will try to overwhelm you, as you are trying to overpower them. Intelligent IP strategy ensures that you keep a close eye on the competition and that you stop concentrating on your own business too closely. The routine analysis of licensed IP rights filings of competitors may provide valuable information about their future new product innovations.

9. Think about it.

An efficient IP strategy is a continuous, smooth task requiring you to be alert and flexible facing changing circumstances. Remain alert and ask: are new IP registrations required for a specific product or development? Is it possible to drop prior enrollment? How is the market going to impact you and how?

Creating Wealth and Not Risk from IP Assets

In order to secure retaliation fees or taxes charged by external subsidiaries to parent rights, a "Defensive" IP-Management Model will lead a corporation to build a global patent portfolio. A global patent portfolio. An organization that follows a "defensive" IP management model may also produce a broad patent portfolio that impresses investors. This may be important for start-ups in raising funding from venture capital. In the hope of improving and retaining their stock value, public corporations often use their vast patent portfolios to affirm their dedication to technology.

The other side of the continuum requires businesses to license their IP rights and technologies using an "aggressive" IP management model. Some companies 'mining' their current portfolios, i.e. they are searching for current IP assets that are unused or less relevant (such as assets that do not benefit companies) to give others a license.

In order to strengthen their right to operate up in a particular area of operation, businesses should build a patent portfolio. Those patents dissuade rivals from charging the portfolio owner. As part of proper research, businesses often review the patent portfolio of the target business to locate patents that can be claimed in a counterclaim by the target. A business is frequently prevented from claiming its own patents against the objective by finding a major significant problem. These patents "freedom of operations" do not generally extend to or pertain to the operations of a business, but are based on an interpretation of its rival companies and the discovery of patent areas in the field of activities of the rival.

Taken together the tips may help you construct, despite breaking the bank, a powerful and commercially valuable IP portfolio. There is a lot at stake: a high-quality IP strategy is essential to change the odds.

know more about IP as a new class of asset in your balance sheet, see the video below -

BY-

HATIM HUSAIN