Intellectual Property (IP) strategy that start-ups follow
Alright, you have launched a product by embedding all the thoughts and principles of yours and your team of people and took that product to the release stage. Here, the question that comes into action is how much of information to share with your team. Sharing of too much information will lead to the possibility of having a trespasser or too little also pose a problem of stunted performance. So, to make in a complete effortless way start with a clear structure and this comes under any one of the IP category: patent, trademarks, trade-secrets or copyrights. Creating a structure will help you to build an IP portfolio which generates assets and that results in returns.
Intellectual property (IP) has been becoming the most valuable asset for many businesses. Patents safeguard the creation of many investors, and trademarks are the protection for their logos, symbols, names, colors and designs, while copyrights and trade secrets keep an eye on the physical expression of your ideas and marketplace and existing technical knowledge. Gaining IP protection is crucial for everyone who wants to protect their creations, inventions and designs.
Launching a product in the market is the primary phase for a company but achieving an IP protection is a procedure that needs perfect planning and preparation. A developed and well-planned IP strategy will absolutely protect your and your company’s creative works and inventions. Many shareholders, investors, and business tycoons know that their assets need IP protection, but they do not get the idea of perfect IP strategy. They lack their intelligence in how to develop IP strategy, how
can IP strategists choose actions for the successful development of businesses?
To be in the right track of developing an IP strategy, you need to consider all the types of IP that are available for protection. And also answer yourself for certain kind of questions like
What type of IP will be more in demand to accomplish?
Will the chosen IP protection help you to get what you wish for?
Make a plan to build a perfect IP strategy and this will be helpful for the companies to keep the IP with them and prevent other companies from getting hold of your assets.
In this article, you are going to know how to build up your own IP strategy and there are certain steps to follow with this procedure. Here come the steps:
First you have to get the picture of what is your organization size and structure and the company’s these should direct your IP strategy. If your company has fewer employees, there is no necessity of developing an IP strategy. But, larger companies should have to develop a detailed IP plan. And their plan has to be more focused in the areas of their disclosures and ownership rights. As large companies has to draw the sketch of roles and responsibilities of all its employees and directors, it is more mandatory for larger companies to prepare an IP strategy.
Consider the market environment
Before stepping into create intellectual property protection, you have to be clear on whether you will be gaining success in the public or not with your product. And also, get a clarification on whether your product will be competitive to others or not, and you have to come up with the explanations on what is your scenario and assess if you could take advantage of on your work. The market condition for your product will command you on what and which type of intellectual property works well for your company. Some of the questions that need you to get analyze yourselves are
- What will be market value of the product that you want to protect?
- In which areas your product goes well?
- Who will be your competitors?
- In what cases your competitors and you vary?
When you are more justified for all the questions, you might be you will be in the position of understanding and getting ahead of all the hurdles to entry.
Be in charge of your ideas
Don’t be so protected regarding your ideas. There is a complete diversified scenario of protecting your non-confidential information with others and sharing the complete ideology to others that include the entire novel and patentable forms of your innovation. Exposing your non-confidential information may put in risk and people can embezzle can steal your trade secrets, legal issues and disclose it to the public. Once they enter into public, you can never hold your hands on your innovations. So, be particular in sharing your information with the people until and unless they sign for an non-confidential agreement.
Go through your third-party interactions
Most of the misconceptions and difficulties come from third party relationships and these may lead to dooming of intellectual property. Many other third parties (who may be employees, contractors, customers, partners and suppliers) who are indirectly involved but not a principal party of your business has to be contemplated in the preparation of IP strategy. The IP strategy that you develop has to reflect all of your employee contracts, licenses and confidentiality agreements.
Move within your guidelines
In prior to the development of IP strategy, you have to go through certain kind of groundwork and you have to be clear in answering all the questions that you face in the development process. Start with a paperwork of listing whom to be involved, how to be created and what is the correct procedure to be followed? Then, draw a clear sketch of what type of IP you are going to seek for protection.
After determining the type of IP, come up with a plan by doing proper research and be sure of not copying others creations and trademarks.You may go with researching online, but seeking an expert support looks to be more appropriate option. The IP strategy has to dictate whether your entity be able to hold the preliminary intellectual property search. Maintain timeline for the completion of entire process. Considering your budget, prepare a guideline such that a product has to be developed as per the timeline, If not, it will take long time to be released into market and you may miss the chance of meeting deadlines that leads to increase in the budget plan.
An audit is the foremost phase in the development of your IP strategy. It has to be listed with the basics such as outline of registered intellectual property along with all patents, trademarks, designs and plant variety rights. Place certain things like documentation of unregistered properties, ownership issues and historical relationships if any. Including all these will help you to find out any gaps and risks in the protection.
Whether it is a small company or big, they has to be particular in developing the IP strategy and this will help you for the successful development of a product. Invest same amount of time and money in an IP strategy as you have invested in the development of a product, this will bring you the better ROI. Analyzing your goals and priorities in the IP strategy for the future success will help you in assessing the market conditions.