Not having a strategy is like setting off on a long journey without a map or having planned the route. You may know where you want to go, but getting there safely and easily needs a whole plan of its own! With the destination in mind, you might set off in the right direction but can quickly stray off the path and end up lost and confused.
The same applies to your IP strategy. Many business owners know it’s important to safeguard their IP assets, but don’t have a map of how to get there. As such, even with the end goal in mind, they can lose sight of it and end up taking the wrong exit while their IP stays in its lane. Keeping you and your IP together to reach your destination is the goal, so let’s roll out our maps and start our engines!
This article explores the concept of an IP strategy and why it’s such a crucial tool for businesses of all types and sizes. For personalised advice, contact our team at The Intellectual Property Works today.
What Is an IP Strategy?
You can think of your intellectual property (IP) strategy as the map that outlines where you are, where your destination is, and how you’re going to get there. When it comes to IP, your destination (or goal) is a place where all of your IP assets are protected and support your business goals and objectives.
However, every business is different, and therefore not every business will have the exact same destination. Ensuring your IP spend supports your business goals is key! An IP strategy takes your broader business goals into account, going beyond protection for patents and trademarks to include an entire framework that makes use of and maximises the value of your intellectual property. This typically looks much different for a small start-up than it does for an international corporation, and will look different between industries.
How the IP Playbook Comes Into Play
If the IP strategy is our map, then the IP playbook is our guidebook. It outlines the best practices, procedures, and things to consider in order to best manage your IP. This gives you the opportunity to streamline your journey and focus on what’s most important, so you don’t end up re-inventing the wheel (especially when your time is better spent inventing something completely new!).
With the extra time an IP playbook gives you, you have more capability to make informed business decisions that help you get to your destination as quickly as possible.
Why do I Need an IP Strategy?
Operating without an IP strategy in place is a risky move. You may find yourself wasting time and money on the wrong priorities, like pursuing unnecessary trademarks or patents when your money would have been better spent elsewhere. You might also end up overlooking important issues like IP ownership, which might lead to legal disputes and therefore take up even more valuable time and money. Investing in an IP strategy is a wise choice!
One of the biggest risks in not having an IP strategy is, well, your approach to risk. Without a strategy, your approach to risk tends to be reactive rather than proactive. This means the focus is generally on protection and ignoring other aspects like ownership. Proactivity is paramount! Methods for risk assessment and identifying potential threats are crucial in our ever-changing world, especially when those changes can occur in the blink of an eye.
Keep Your IP Strategy Flexible
Strategy is not a rigid thing, it needs to flex with changing circumstances. Your IP strategy may be a map, but it’s not a printed one from the ‘90s stashed in your glovebox! It’s moving with the times and is now a digital version that can be updated if and when things change.
Flexibility allows you to acknowledge circumstances that evolve with technology, market trends, and legal requirements. It also gives you room for ongoing planning and reassessment when needed, and considers your short-term business goals in addition to your ultimate destination.
Critically, IP laws can change over time, which means that flexibility is one of the most important tools you can have in your glovebox. Changing laws can affect the way you protect and enforce your IP rights, so making sure your IP strategy can ebb and flow means you’re in a better position to adapt if and when those changes occur.
Start Your IP Strategy Today
Having an IP strategy in place isn’t just a good idea— it’s a necessity. After all, you wouldn’t set off on a journey across the UK without a detailed map! At The Intellectual Property Works, we can develop and implement an IP strategy that suits you so that you can start your journey with the confidence and skills to succeed. Whether you run a start-up or an international organisation, we’re here to help with our proven track record in IP strategy success.
The first step in a successful IP strategy is to understand where you are now and where you need to go. At The Intellectual Property Works, we achieve this through our IP Audit service. Book your audit today and get independent, comprehensive, and strategic IP advice.
