For many businesses, you almost can't put a price on intellectual property (IP). The unique systems or inventions that are tied up in company's flagship products can sometimes take years to develop. That's why protecting those assets is absolutely essential. Acquiring those IP protections can be a huge undertaking, though.
Many chief legal officers are unsatisfied with their outside legal counsel. When taking a closer look at the costs and benefits of their relationships, CLOs find that the work simply hasn’t been commensurate with fees.
At certain periods during the year, business slows down. This especially holds true for companies beginning a new year after the holidays. Leaders often emerge from that time of year with new vigor and new ideas for profit growth. But even though idea flow hasn’t stopped, execution can be slowed. It takes some time for employees on leave to return to their posts, or to reassess what they were working on and pick it back up. As a result, cycle times take longer.
Intellectual property protection isn’t as simple as declaring ownership of a particular product or asset. In most countries, there are four primary types of intellectual property (IP) that can be legally protected: patents, trademarks, copyrights, and trade secrets. Each has their own attributes, requirements and costs.
The appropriate preparations can make a huge difference in achieving comprehensive intellectual property (IP) protection. There are a few ongoing actions you can take to set yourself up for success. Try incorporating the following actions into your IP regime:
Many corporations rely on patent management software to analyze workflow efficiencies and focus their resources, but the tools won’t have much value unless you examine the appropriate metrics. Here are some key metrics you should be able to evaluate using patent management software:
Management is Dependent on Data
In any aspect of business management, whether it’s managing teams, projects, or intellectual property (IP) development, leadership needs to know they can fall back on data to tell them if they’re achieving their objectives. Staying abreast of specific outcomes is crucial to resource or budget management, assigning team members to the most productive roles, and communicating the next steps necessary for success. Many innovation teams hit an obstacle, however, when they try to organize that data and convey the most important messages to their colleagues. That’s where visualization and reporting tools come in.
When you’ve built the perfect innovation and patent strategy for your organization, it can be easy to turn your team loose and expect the process to just fall into place. Execution can easily go awry, however, and any delays or obstacles that crop up during the process can derail that perfect plan. While the timing and methods by which businesses carry out their innovation process may vary, there are some tips that can almost always be applied to enhance cost-effectiveness and productivity. Read on to learn five of those tactical tips.
The term “innovation stages” tends to conjure up the vision of end-to-end development of intellectual property, from conceptualization straight through to patent approval. One of the most significant periods within those stages, however, is the invention disclosure period. Invention disclosure is a process in and of itself, with its own sub-stages and steps. IP management software makes a significant impact on the disclosure process, so we’ll hone in on its specific sub-stages for the content of this article.
There are some factors in your competitive marketplace that will always be out of your control, like a competitor’s introduction of brand new technology, or a radical change in consumer trends and tastes. Those factors will certainly influence how much product you’re able to move and revenue you will generate once you introduce something to the market, but there are other factors that can effectively raise the value of your IP by lowering the investment costs. Three primary influencers on IP development costs are the hours devoted to the invention disclosure process, the labor costs associated with those hours, and any barriers, mainly rooted in internal communication, that prevent organizations from introducing their product to the market.