As the Intellectual Property Office (IPO) has recently pointed out, innovation, such as the development of a new method, product or invention, is crucial to the ongoing success of any business.
However, innovation is not just about new products or technology. Rather, it is more about how things are done and how ideas are turned into solutions that ultimately add value for customers. According to the IPO, innovation is anywhere that solutions are addressing problems and this intellectual property (IP) needs to be protected.
As their report explains, it is increasingly the intangible assets of knowledge, skills and the creative expression of ideas that today’s local and national economies are reliant upon.
Many modern and successful businesses are built around these types of intellectual assets more than the traditional view of assets purely being tangible, such as buildings and equipment.
Intangible assets can be recognised and protected as easily as tangible assets and even elements such as confidential know-how can be protected by such things as non-disclosure agreements (NDAs).
In order to create an IP strategy, the business owner must first work out what intellectual assets they own, which they can do by conducting an IP strategy. This should include what they create on a daily basis and what future plans they have.
They should also consider anything they use that may be owned by other parties and what assets really underpin the business’ critical value. Other points to think about are what return on investment (ROI) their IP assets bring. Finally, they should draw up a protection and management plan to minimise risks, including the budget they have available.