Intellectual property can add significant value to a company. To take full advantage of this kind of business asset however, it is necessary to identify and protect all of the company’s valuable IP in a timely fashion. If a company neglects to identify and protect their IP, they could miss out on many valuable economic and strategic opportunities.
Benefits of Taking an Inventory
Taking an inventory of IP to identify what brings value to your business is extremely important. Why so? Consider the following benefits: If a company identifies its IP portfolio, it becomes easy to monitor the progress of IP that is still being developed. It also allows the company to determine how much ongoing IP development is costing and whether the company should continue funding development. In addition, the company can then identify any IP purchasing needs that might arise and even consider the sale of IP that is no longer performing well enough. This also makes it easier for a company to handle financial reporting and monitor for potential IP infringements.
Protecting Your Company’s IP
IP can give your company unique advantages against competitors. This is especially true of new product designs or technology and improved manufacturing and business processes. These forms of IP are especially valuable and need protection. If you identify and clearly define your IP early on, you can rest assured it will not be stolen and used against you by your competitors.
The End Result
Identifying valuable IP creates assets that the business previously did not possess. It is the first step in the path to protecting it and creating value for your company. If you want to make sure all of your valuable IP is clearly identified and protected from your competitors, feel free to contact me for a consultation.
Kelly G. Swartz is a patent attorney licensed to practice in front of the United States Patent and Trademark Office and in the state of Florida. She limits her practice to intellectual property law including patent, trademark, copyright, and trade secrets.