There’s not much within your business that you consider a standalone feature. So why should your intellectual property (IP) strategy be? An effective IP strategy is but one slice of the business pizza, if you will, rather than an individual side dish you could take or leave as part of your meal. Considering your IP in the overall context of your business is key— and so is an IP strategist.
This article explores exactly what an IP strategist does, and how they help to manage your IP. For personalised advice, contact our team at The Intellectual Property Works today.
What Does an IP Strategist Do?
IP strategists understand the intricacies and complexities of intellectual property like nobody else. Not only do they understand these so well, but they’re also dedicated to propelling your business forward with your IP. Operating with innovation, protection, and strategic advantage at the forefront of their minds, their aim is to ensure your IP strategy aligns with your business goals and evolves as your business does.
IP Strategist Duties
IP strategists can work ‘in-house’, on a retainer basis (‘on call’), or however will work best in your specific circumstances. As with anything else, the approach to when and how they work will vary.
However, in most cases, it’s best if your IP strategist acts as your ‘in-house IP expert’. This way, they can manage relationships with external IP providers and ensure seamless communication so that your IP strategies align well. With the efficient collaboration this brings, you can safeguard and leverage your IP assets as effectively as possible.
An IP strategist:
1. Helps to decide and manage budgets
Determining the right budget allocation for intellectual property activities can be as complex as the IP strategy itself. An IP strategist assesses the value and potential returns of your various IP assets, working with you and your team to do so. They analyse your current IP assets and business goals in order to recommend how to allocate your IP budget so that it aligns with your vision. Whether it’s patent filings, trademark registrations, or IP enforcement, an IP strategist optimises your resources, maximising the value of your intellectual property.
2. Reports to the board
Other than IP strategists, not many people are well-versed in how it works! As such, your board members are likely unfamiliar with it too. An IP strategist breaks it down into easy-to-understand reports that explain what your IP assets are, the potential risks involved, and how your IP strategy lines up with your overall business strategy. This information helps your board members make informed decisions and ultimately helps to drive your company growth onwards and upwards.
3. Guides IP decision-making
Every decision in life and in business comes with possible opportunities and risks. The same applies to IP! Since they’ve likely been there and done that with whatever your strategy may be, IP strategists have a wealth of knowledge they can apply to the risk mitigation process. They can conduct risk assessments that look at the market and its dynamics, potential infringement, and more to determine the least and most risky routes to take. This information helps them to identify opportunities and make decisions that will best benefit the company and its IP assets.
4. Builds, reviews, and updates IP strategy
Having a well-defined and flexible approach to IP is paramount. Your IP strategy will need to change over time as you redefine and optimise aspects of your business, and an IP strategist will know just how to roll with the punches! They, more than anybody else, understand how IP strategies are far from ‘one size fits all’ and instead focus on your business’s unique strengths and points of difference. With this, they recognise when it’s time to review and update your IP strategy so that it works well for you.
Your Partner in IP
An IP strategist is your partner in creating the plan that suits your business. As your business evolves and grows, they ensure your IP strategy and management do the same so that it stays relevant and beneficial for you.
From identifying opportunities and making informed decisions to optimising your IP budget and making sure it suits you, an IP strategist not only safeguards your IP but also helps to maximise your success. When those are your goals, The Intellectual Property Works serves up success on a platter— contact us today!
