Intellectual Property is one of the most valuable assets of a company or organization. It covers company names, domains, symbols, drawings, logos, images, designs, ideas, or anything that distinguishes your company from the competition. You can use IP to start new businesses, diversify products, license/sell to other businesses, and even as collateral for corporate loans.
To get the full benefits of your innovative ideas and concepts, you need to patent them. If you do not choose to patent, anyone can use your valuable IP assets without your permission. The patent application process and validity may vary from country to country. In the United States, it takes two to three years for the USPTO to grant an IP asset, and it is valid for 20 years. However, you can renew your patent if you wish.
Intellectual property means creations of one’s mind. It can be a unique process/procedure to solve a problem, your company name, logo, artwork, etc. IP protection falls under several categories, the most common being patents, copyrights, and trademarks.
To stay competitive in the market, you need to use your IP portfolio based on business purpose and future trends.
Here are 6 useful tips that will surely help you manage your patent portfolio and reap the full benefits of it:
1. Determine your IP portfolio
Determine your portfolio (patents, ideas in process and not patented), have a deep knowledge of the markets belonging to each and their applications in different industries. Thus, you can identify your core patents, which meet future market demands and customer needs, and create unique monetization strategies.
2. Obtain Patents
You may have ideas that are not yet patented, therefore there is a possibility of intellectual property infringement. Therefore, file patent applications to ensure complete intellectual property protection.
3. Do full IP research (prior art, market analysis, investor research)
Patents are granted for inventions that are unique and useful. Therefore, before filing intellectual property applications, you must verify patentability. But, in addition to obtaining information on proprietary technologies, you should also consider market analysis and investor research. This will help you obtain patents with marketable claims and learn about potential investment options and IP monetization opportunities.
4. Intellectual property licenses and business start-up plans
In your portfolio, there may be patents that don’t align with your current product lines and future business strategies. However, you can license these assets to other companies and boost your revenue stream. Another option is to design start-up business plans.
5. Do a competitor analysis
Competitors are the biggest barriers to growth, and if you want to emerge as a leading player, you need to provide better products and services than they do. So, keep track of your business activities and get detailed information about your latest and upcoming product releases. Also, try to find out what technologies they are working on and whether they partially or fully match their proprietary technologies. Thus, it can invent advanced technologies and provide better services to customers.
6. Monitoring of R&D activities
The R&D department works to bring in innovative technologies to help a company stay competitive and increase the customer base. You need to ensure that your R&D team is working on the technologies that align appropriately with your business goals.
Conclusion
IP is a key element of your business and you must use it properly. Identify the most promising assets and design IP strategies. Also, track customer needs and market demands to invent useful technologies.
