Even if you’ve built a collaboration team that’s continually producing intellectual property (IP) and checking in on its status, it’s important to know how innovation management software fits into the business process. The truth is that those types of software are analysis and enablement tools. Products like Decipher give both team- and organization-level leadership a view into employee productivity, financial information, and strategic direction.
The speed at which your business can develop protectable intellectual property (IP) can determine your survivability. If the competition does it faster, they’re able to launch their products and realize profits in your stead. But speed isn’t the whole business equation. As you pour resources into your new innovation, your margins steadily shrink. Patent creation costs and other protective measures contribute to that margin shrinkage. Luckily, just as organizations are able to forecast their development costs based on materials and personnel, they can also make some predictions for their patent spending and manage accordingly. While patent costs vary, here are a few characteristics that can help you maintain some cost control:
In business environments that are fueled by innovation, diligent budgeting and spend management can mean the difference between sinking and swimming. While introducing new intellectual property (IP) can increase a business’s net worth from a revenue standpoint and by increasing the likelihood of procuring investor funding, it’s by monitoring resource investments that a business can successfully budget for the future.
Intellectual property (IP) is very often what differentiates your business from a competitor’s and makes you more valuable in the market. Considering this, it’s absolutely vital to ensure your patents and other IP are protected from infringement. The United States Patent and Trademark Office (USPTO) defines patent infringement as, “...the act of making, using, selling, or offering to sell a patented invention, or importing into the United States a product covered by a claim of a patent without the permission of the patent owner.” In simpler terms, IP infringement is theft.
Performing an internal intellectual property (IP) audit is vital for businesses hoping to maintain visibility into the revenue and expense attributed to their IP portfolio. According to the World Intellectual Property Organization (WIPO), formal IP audits should be conducted both during pivotal events for the organization, such as a merger, and in response to internal changes in strategy, personnel, etc. However, it is a good idea to perform regular reporting and “informal” audits to ensure production and innovation efforts are measuring up to the organization’s overall strategy, too. Regardless of the type of IP audit, there are a few important characteristics to analyze that act as indicators of success for IP Management.
Sometimes circumstances outside of our control lead to business closure, the unwinding of strategic partnerships, sudden cost reductions, or all of the above. In the various situations where a company is facing divestment, it tends to be expedient to “throw the babies out with the bathwater” with little regard for the intellectual property. This is a potentially massive error. Aside from possibly losing out on more value, overlooking IP in a divestment situation can lead to myriad forms of litigation - from shareholders, licensees and licensors, vendors and suppliers, and the very business organizations or partnerships you’re shedding. It’s safe to say that intellectual property management plays as significant a part at IP termination as during IP inception, growth and maturity. Consider the following in order to mitigate some of these concerns.
We know that continued growth and profitability are driven by how competitive a business is in its industry. Competitiveness is fueled by innovation. New or improved products, features, accessibility and affordability attract and retain customers. For this reason, many industry-leading businesses are hiring for innovation, forming dedicated teams to address and anticipate customer needs.
Unless you’re cultivating a true innovation culture that emphasizes and encourages forward thinking and new ideas, you won’t be able to reap the benefits: positioning your business as an industry leader and attracting & retaining customers ahead of your competitors. In other words, hiring for innovation is good for your bottom line. Here are the first few steps and considerations to make when building that team:
As with any facet of business — administration, sales, product development — data analysis and reporting is going to be key to the intellectual property management process. Depending on your process, your intellectual property can go through several stages of development, deployment, and maintenance. Considering the sheer volume of that undertaking, it’s no wonder that some organizations lose track of their IP’s life stage. Are you one of them?
Licensing intellectual property assets can be a powerful opportunity for both licensees and licensors to maximize their portfolios. For organizations with mature and dynamic intellectual property portfolios, becoming a licensor creates additional revenue streams. For growing organizations, licensing intellectual property from others allows fast product launch.