Latest Business Thinking 9th December 2009
Most businesses know that protecting their intellectual property is important. Yet many are not doing it – or if they are, not thoroughly enough to ensure they really are protected. One reason may be that they think they will get round to it later, perhaps when the company is bigger and more successful. Another could be that they perceive the process as time-consuming and complicated. A third reason may be that they do not know how to assess the value of their intellectual property and are therefore not sure what they should be protecting.
When it comes to tackling IP, there are three main issues to consider. Firstly, understanding what you have and the value of it. Secondly, protecting it so that it is secure. And finally, looking at the options to enhance and exploit it.
If IP is not protected – or not protected thoroughly enough, for example in each significant country where it may be at risk – there is a real possibility that it could have not just its trading and product names stolen but its ideas and inventions – its very lifeblood. This is as important when a company is becoming established as it is when it has traded for some time. And contrary to what many believe, the process need not be complicated or take up a great deal of time.
The first step is to undertake a thorough audit of all the intellectual assets in the organisation. When intellectual capital – or intellectual property – is discussed, people usually think of filing patents, and registering trade marks and designs. But a company’s value is contained in its wider intellectual capital, (IC) where know-how, branding, skills, policies and processes all have a part to play. Ideas and inventions may be the lifeblood of a company but the wider intellectual capital often drives growth, profitability and access to markets. Written materials, customer contact lists and bespoke materials can all form part of your IC.. more>