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Managing your Intellectual Proficiency

In today's knowledge-driven economy, intellectual property (IP) has become one of the key considerations in all business decisions. The new products, brands and creative designs launched in the market are the result of human innovation and creativity. This innovative and creative capacity is protected under the intellectual property system. If not protected, it may be lost to competitors who may commercialise the product or service, leaving the original inventor or creator without any financial benefit or reward. Hence, proper protection of a company's intellectual property is necessary for turning ideas into those business assets which have a real market value.

The protection of intellectual property will help a company in the following ways :-

  • It will prevent competitors from copying or imitating a company’s products or services.
  • It will prevent wastage of investment in research and development (R&D).
  • It will help create a corporate identity through a trademark and branding strategy.
  • It will help the company, negotiate licensing, franchising or other IP-based contractual agreements.
  • It will help increase the market value of the company.
  • It will help the company, enhance access to finance.
  • It will help the company, obtain access to new markets.
  • also, knowledge of the existing IP rights, will help the enterprise avoid unnecessary conflicts and litigations.

Hence, an effective IP management strategy will help companies use their intellectual property to increase their competitiveness and increase the strategic advantage, while minimising the risks and uncertainties involved. There are three phases of an IP management strategy :-

  • Phase I(Gaining control over IP portfolio):- it includes analysing intellectual asset portfolios and developing and implementing programs for their monitoring and enforcement.
  • Phase II(Investing in your IP portfolio):- it involves a review of the opportunities for investing in acquisition or creation of different forms of IP. It also involves the application of corporate investment policies and practices to IP management investments for creating a 'level playing field' in terms of other investment priorities.
  • Phase III(Maintaining control over your portfolio):- it involves, utilising information technology tools to capture and manage critical intellectual asset portfolio information in order to sustain IP profits and protect existing IP investments

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