A robust IP strategy can be crucial to your business, whether or not you deal in conventional ‘technical’ innovation. IP is an asset arising in virtually all of the unique parts of your business, that can be used, not only to protect or increase your market share, but also to credibility and value to your business. Nevertheless, a large majority of UK companies do not have a formal IP strategy. Here are some tips for a healthy IP strategy:
1. Make sure your IP rights match your commercial objectives:
Any costs involved in securing or maintaining an IP right should correlate with how critical it is to protecting or future-proofing your market share. It is, of course, frustrating when a competitor copies something you have created or done, but would that just be irritating, or would it negatively impact your brand or your revenue? And, if so, to what degree? This should always guide your hand as to whether or not to incur the latest costs.
2. Regularly review your IP portfolio and strategy:
Your business will change and (hopefully) grow over time, and your commercial objectives will mature and change with it. Your IP strategy should be tracking those changes, not only to ensure that your business remains adequately protected, but also to ensure that your IP budget is being spent where it is most needed to protect and future-proof your market share.
3. Make sure your IP strategy leverages all available IP provisions:
There are many different IP provisions, in the UK and worldwide. They all offer different degrees of protection but, crucially, many of them are either automatic rights or rights that can be secured at a much smaller cost than others. These rights may not be as ‘strong’ as others, but perhaps that is not quite as important for some territories compared with others, depending on how you expect your market share to be distributed. They should at least be considered
And finally: no two businesses are alike. Notwithstanding their differing business offerings, founders themselves have different visions motivations and goals. Don’t allow your business to be ‘shoe horned’ into any form of “normal” pathway when it comes to your IP. Challenge the norm and make sure your IP strategy is as unique and flexible as your business.
Think about our tips for a healthy IP strategy. To find out more, you might want to start by completing the UK Intellectual Property Office Health check. Do you want to talk about any of these, or other, IP matters in more detail? For a free and informal initial consultation, please go to our website, or contact us:
