Are your valuable innovations being captured or are they falling through the cracks?
Are you wasting resources on redundant IP rights?
Are you ready for the post-Covid and post-Brexit trading environment?
Businesses have faced challenges on multiple fronts during 2020 - operating in a restricted trading environment, with fluctuating or even plummeting demand, not to mention the impact of fractured supply chains, or rising costs.
Against this background, business planning for 2021 has been an entirely different exercise to previous years, with continued uncertainty surrounding the effects of Covid, what the post-Covid landscape might look like, and the compounding (if not potentially greater) repercussions from Brexit.
In preparation for the years ahead, it is imperative for businesses of all shapes and sizes, across all sectors, to take stock, understand where value in the business lies and ensure it can protect the key assets.
For many companies, their intellectual property is one of their most valuable assets. But has the IP position been reviewed to ensure it still underpins the business plan as it evolves? And is there a robust intellectual property strategy in place to support a pivot to a new commercial direction to get ahead of the competition?
If the answer to either of these questions is ‘no’, they may be wasting resources in redundant areas, failing to leverage their existing innovations, and not capturing potentially lucrative new innovations.
At a time when resources are stretched for many, businesses want to be certain they are making sound decisions for the future in terms of where to save and where to invest. When it comes to protecting intellectual property, these are important decisions with far-reaching consequences for the long-term success of a company.
Consolidating your IP position - four key principles
Ensure you have an accurate picture of the rights you have and identify any gaps that could compromise your future objectives.
Identify any existing IP rights that no longer support the commercial objectives of the business - there is potential to save the effort and expense of maintaining these rights.
An effective IP approach will support your commercial objectives. Do you have all the IP rights to support your business plan? Do these rights map to the new direction you want to take your business in - perhaps to explore new markets or new product areas? Your IP strategy should reflect where you are taking the business, not where you have been.
There may be some tough decisions to take if current resources cannot support every innovation project you would like to take forward. A comprehensive and critical assessment will help you to prioritise and bring focus.