Managing a company’s IP is like capturing an idea that is beyond imagination and turning it into a reality. IP protects a product or service developed by the company, setting it apart from other companies and framing the business, its purpose and growth potential.
Fremont, CA: Intangible assets are a part of every business, and business leaders are always trying to put a price tag on them. While this may sound easy, in reality, it can be very challenging. Companies need to dedicate a lot of time and resources to ascertain the value of their Intellectual Property (IP) assets. One of the biggest challenges is to ascertain the value of an IP is also its greatest strength, Intangibility. Unlike the costs of scaling up the production of goods or even services, fully developed IP can be licensed and easily shared with others who want to benefit from its use.
Managing a company’s IP is like capturing an idea that is bey9ond imagination and turning it into a reality. IP protects a product or service developed by the company, setting it apart from other companies and framing the business, its purpose and growth potential. The true potential of IP depends on how well it is leveraged by the company, maintaining a competitive advantage within the industry. The ability to manage IP is reliant on how well it is managed. Here are some tips on how to build a robust IP management system.
Records are a must. Always keep detailed records of everything as they are essential when it comes to proving ownership. A paper trail is reflective of how the invention was conceived and is a crucial part of the patent procurement process. For instance, when applying for a trademark in the U.S., businesses have to submit a specimen of use depicting how the mark is displayed in commerce. Even email correspondence can be essential to record if it is related to a licensing discussion or an invention disclosure.
Highly Organized Information
The way IP related information is stored is a crucial part of an IP management system. This is more than just assuring that the correct data, dates, and documents are stored in the appropriate folders. Businesses tend to have different products that are each covered by a range of patents and trademarks. There may also be a few patents that cover more than one product. There will also be a lot of due dates that need to be met in a timely fashion, such as payment of issue fees, annuities, and other costs. Managing IP well has a lot to do with indexing information so it can be found quickly when the need arises.