Factors To Consider While Developing An IP Strategy

Just as an archer aims before they shoot, business owners should have a definite strategy before filing for patents. An IP strategy is basically a plan for protecting your IP assets and monetizing them by leveraging the existing IP assets. It should be designed in a manner that brings it in alignment with your business goals.

Any IP lawyer in Edmonton would agree that an IP strategy is beneficial for businesses. Technology-based companies, especially, fall under this category. Intellectual property is often the backbone of technology-centered businesses. Imagine, if PlayStation was not patented, the world would never know of it as the genius of Ken Kutaragi, a former employee of the Sony Corporation. Sony could make the most of PlayStation only because of its strong IP strategy. It is imperative for businesses to create an IP strategy. When creating an IP strategy, companies need to consider the following factors:

Type of Protection:

During the process of planning an IP strategy, you need to distinguish between the following:

  • the kind of intellectual property your company is creating (process, design, product, artwork, etc.),
  • the person involved in creating it, and
  • the type of intellectual property protection required for the same.

With the help of an IP lawyer or agent in Edmonton, you can. According to the Intellectual Property Law of Canada, you protect your work under copyright, trademark, patent or industrial design. You may want to consider having searches of the relevant IP databases to establish any risks associated with use of your intellectual property. It is important to note, however, that an IP search is not infalible.

Size of your Company:

The next factor that would determine your IP strategy is the size of your company. If you are a startup, then you need to decide if you really want to invest in protecting your IP as the process can be expensive. On the other hand, if you are a large company, then you will have to establish certain things like the ownership and publication rights of your IP. The larger your company, the more multi-faceted your IP strategy is likely to be.

Market Scenario:

As a business, your aim is to survive in the market with profitable returns. When developing an IP strategy, you need to ask yourself if you would be able to make profits through your intellectual property in the marketplace. You need to identify the entry and exit barriers and whether you would have a competitive advantage in the market. The market scenario for your product or service will play a major role in shaping your IP strategy.

Business Strategy of your Company:

This goes without saying – your IP strategy needs to be in alignment with your business strategy. Your business strategy will comprise of many things. Some of them will include the resources to be allocated for the intellectual property in your company, and the goals and objectives for your IP portfolio. A disconnect between the IP and business strategy results in wastage of resources. In some cases, it may even result in failure in protecting important IP assets of the company. Your business strategy is a significant influencer of your IP strategy.

These are some of the factors that you should consider while developing an IP strategy. If you wish to learn more about developing an IP strategy, consult with an IP lawyer in Edmonton.