What is an IP strategy?

An IP strategy is a plan for how you will manage the intangible assets in your company. These may include patents, trademarks, designs, trade secrets, software, or technical knowledge (know-how).

The goal is to:

• identify the intangible assets you have,

• protect them in the right way,

• use them to create value,

• and take action if others infringe on your rights.

Why do I need an IP strategy?

A good IP strategy helps you make better decisions. It makes it easier to:

• secure your assets before competitors do,

• avoid conflicts and loss of rights,

• commercially exploit your rights, for example through licensing or sales,

• show investors and partners that you have control over your assets.

When you use your IP strategy actively, it can strengthen profitability and give you an important competitive advantage.

Proper use of IP rights is just as important for success as financing, marketing, and sales.

What assets does the company have?

Start by mapping the company’s intangible resources. Which assets are most important for achieving the business goals? Are any assets missing? Get an overview of who owns the key assets.

It is also important to make the intangible assets visible in the accounts and to owners, partners, and other stakeholders.

What will the intangible assets and rights be used for?

1. Generate revenue

Through products, services, licensing and selling rights.

2. Raise capital

Rights provide documentation and security for investors and banks.

3. Collaborate

Use rights in cooperation between companies, joint ventures and open innovation.

4. Reduce costs and risks

Avoid infringing others’ rights — and build on others’ ideas where it is lawful.

5. Secure market position

Protect development, keep competitors out, control the value chain, and build your reputation.

How should the company manage its intangible assets?

1. Internal routines

Put in place routines for gathering ideas from employees and ensuring proper ownership. Clarify what the company owns and what employees may take with them. Establish agreements and guidelines for employee inventions, portfolio reviews, competitor monitoring, and follow-up in case of rights infringements.

2. Confidentiality and information security

Ensure confidentiality through agreements with employees, consultants and suppliers. The company must understand the requirements that must be met for information to be considered a trade secret.

3. Freedom to Operate

Clarify what the company can do without infringing others’ rights. Investigate existing rights and opportunities for collaboration.

4. Register rights

Secure your rights through the registration of patents, trademarks, and designs.

5. Exploit the rights commercially

Monetize the rights yourself or allow others to use them through licensing.

6. Monitor rights

Keep track of what competitors are doing and whether anyone is infringing on your rights.

7. Enforce your rights

Create a plan for how to handle infringements, and seek help from experts when needed.

Source: https://www.patentstyret.no/en/articles/ip-strategy