Intellectual property (IP) can be the most valuable asset of a business. Intangible assets can be overlooked, but adopting a robust IP strategy can help protect these assets and maximize their value, providing clear business advantages and a path to greater success.

What is an Intellectual Property (IP) Strategy?

An IP strategy is a comprehensive plan that outlines how a company will utilize and manage its IP assets to achieve business objectives. Ideally, this strategy is built into a business from the point of inception, when these business objectives are first considered and are regularly reviewed and adjusted to align with current business goals. An IP strategy, with a proactive approach, can provide businesses with a competitive edge.

Why is an Intellectual Property Strategy Important?

Adopting an IP strategy has several advantages that can impact the growth and valuation of a business. An IP strategy can provide a business with a competitive edge by securing exclusive rights in proprietary IP, helping generate revenue through licensing opportunities, minimizing risks from infringement, and increasing the valuation of the business acquired from brand recognition and goodwill and sales of competitive products in the marketplace.

Key Components of an Effective Intellectual Property Strategy

The first step in developing an IP is to identify all IP within the business and determine how best to protect it. Protectable IP can include all of the following:

• Patents, including novel products and technology
• Trademarks, including brands, logos, certain non-functional product designs, and anything that can be considered a source identifier for a business’s goods and services
• Copyrights for creative works, including artwork, patterns, and original texts
• Trade secrets like recipes and certain business practices

Once all IP has been identified and steps to protect the IP have been taken, it is also important to understand your competitors’ IP strategies as it can:

• Help you in enforcing against infringement of your IP
• Avoid infringement of a competitor’s IP

IP disputes, by their nature, most often arise between competitors. 

A robust IP strategy should also include a risk management strategy, including a plan to:

• Continued monitoring of potential infringement of IP through enrollment in watch services
• An action plan for addressing IP disputes and infringement, in conjunction with IP counsel
• Regular review of the business’ IP portfolio as well as new IP that needs to be protected to prevent any gaps in protection
• Implementing security measures to protect trade secrets
• Educating team members on proper use of IP including, for example, the use of the proper TM and ® symbols for trademarks

Challenges of Creating an Intellectual Property Strategy

The development of an IP Strategy is a long-term investment towards the success of a business. However, there can be hesitation on investing in developing an IP Strategy, as the benefits are not always immediately apparent. Securing IP protection and its ongoing management can be expensive but a proactive approach can help save even more time and money down the road. It is important to provide business stakeholders with knowledge on the importance of an IP Strategy and how it can greatly impact the bottom line of a business, just as investing in technology, marketing or office space may impact it. This is particularly important as enforcing IP rights in a global marketplace is tricky and requires regular review and evaluation of a business’ IP portfolio. Fostering a culture of IP awareness can be of great value in successfully implementing an IP Strategy.

Book a Meeting With a Seasoned Intellectual Property Lawyer Today

A well-defined IP strategy can be essential for business success but it involves review and consideration of IP assets and business goals. Navigating all of these considerations, while also understanding legal risks and requirements, can be daunting. Consulting with a seasoned New York City IP Attorney can help align business goals with an IP Strategy that can contribute to a business’s long-term growth and success.