Intellectual Property Strategy Goals – How to Define IP Goals That Support Your Business Objectives
Intellectual Property (IP) is an important business asset. An Intellectual Property Strategy can enhance a business by increasing revenue, providing a competitive advantage, attracting capital investments and positioning the business as an “innovator”. Establish a strategy to leverage IP in your company and set IP Strategy goals (both short-term and long-term) that support business objectives.
1. Growth. If the company is growing, an IP strategy may include goals for protecting the unique aspects of existing products/services and creating new innovations to expand the company’s product or service offerings. To generate new revenue through licensing or joint ventures, use brainstorming sessions to create innovations that satisfy unmet needs in the marketplace. These brainstorming sessions can focus on extending current products/services or creating new products/services in a different market.
2. Identity. For companies that have established (or are currently establishing) an identity, an IP strategy may include goals related to protecting that identity and diligently watching for misuse of that identity. Corporate identity can be established through product names, corporate logos, advertising slogans and product packaging.
3. Valuation. If your company is seeking an IPO (Initial Public Offering), acquisition or related activity where company valuation is critical, protection of Intellectual Property assets can increase valuation. Many companies derive significant value from their IP protection and its ability to preserve a competitive edge in the marketplace.
4. Review. Review your Intellectual Property Strategy periodically to be sure it continues to support the current business objectives. As the company goals or direction changes, adjust the IP goals accordingly. If the company is entering a new market, evaluate existing IP assets and how they might apply to the new market. Also, evaluate opportunities to create innovations in that new market.
Define IP goals that further your business objectives. Adjust these goals as your business expands so that your Intellectual Property Strategy continues to support the goals of your company.
Get more Intellectual Property Strategy tips by claiming your Free Instant Access to my 10 page White Paper “Seven Steps to Accelerate your Business with a Successful IP Strategy” by visiting http://www.IPstrategyReport.com
From Steve Sponseller – Intellectual Property Strategist
Article Source: http://EzineArticles.com/?expert=Steve_Sponseller
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