Have you finalised your business goals for 2020 and have you included an IP Strategy as part of these goals?
Intellectual Property is an integral component of any successful business and includes a company’s patents, trade marks, designs, copyrights and trade secrets.
An Intellectual Property Strategy is a plan, in line with your business goals, to acquire or maintain Intellectual Property assets and to gain the most possible value from such assets.
The key elements to an IP Strategy are as follow;
- Develop and identify innovation, new designs, new brands or new trade secrets (formulas/recipes);
- apply to protect the innovation, designs, trade marks or document the trade secrets;
- renew any existing patents, designs or trade marks;
- value your Intellectual Property, if applicable;
- licence or enter in other agreements taking advantage of your IP or collaborate in the knowledge that your IP is safeguarded; and
- police and enforce your rights against infringers, if necessary.
Having an IP Strategy will provide a competitive edge and it is imperative that it forms part of your business goals.