+ IP Strategies

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By implementing an IP strategy, a company can better utilise its intellectual assets and better maintain its competitive advantage in the market place. At the very least, by implementing an IP strategy, key IP assets are utilised and not lost, superseded or inadvertently given away.

It is vitally important that the decision makers across the company have an understanding of its IP strategy. Having an IP strategy will drive the R&D group in any organisation.

Where there is no IP strategy or widespread understanding of the importance of IP within the company, IP management will frequently be approached in an ad hoc manner.

What is an IP strategy that works? There are a few elementary rules that can be applied here.

Firstly, someone must take charge. It is their responsibility to drive the IP strategy and this task must be defined within their job description. Once it becomes an 'add on' to an individual's job description, the IP strategy is automatically downgraded to 'something I (we)'ll get around to.' The legal formalities associated with registrable intellectual property protection include tight time frames. An ad hoc approach can mean additional costs, or worse still, loss of rights. It is this person's responsibility to engender a 'positive cultural attitude' to manage IP across all sectors of a business. Importantly though, there needs to be support for the strategy, particularly from the top down and from key decision makers throughout the business.

Secondly, internal management is critical. The workforce across the company needs to understand the existence and value of the IP strategy. As an example, employment contracts need to ensure that ongoing rights in the IP, created by employees, belong to the company. Employees’ contracts should be clear about whether they will be rewarded for their contribution to IP development. When employees leave, they should be reminded about relevant aspects of the company’s IP strategy concerning confidentiality at their exit interview. Ensuring the monitoring of these issues in functional areas such as human resources is very important.

Thirdly, allocate resources. These are not solely budgetary resources, such as ensuring funding for patent filings and prosecution, but include additional elements such as:

• IT support to maintain/develop an IP database.
• Resources for searching and watching competitor developments as a part of marketing surveillance.
• Time allocation for teams to meet and consider the relative strengths, weaknesses, opportunities and threats within and external to the company, and the extent these impact on the company's IP strategy and tactical decisions.

The IP strategy must form part of a coherent business strategy, together making up the building blocks of the company and its future success.

Ask yourself whether you have considered the importance of your company's intellectual assets and whether they are suitably managed. Take some time and ask yourself these four basic questions:

1. Do we have an IP policy?
2. Who manages it?
3. Does everyone know about it?
4. How is it supported?

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