Tag Archives: Patents

Getting maximum value from your intellectual property?

4 Jan

What is intellectual property?

Technology, trade secrets, business processes, logos, patents, trademarks, and copyrights are some of the various types of intellectual property owned and used by companies in the course of doing business.

How can you determine if you are currently getting maximum value from your intellectual property?

Begin by creating an inventory or list of anything and everything that you believe may be an asset.  Once you have created this inventory, classify or segment the list by separating those items which you believe are proprietary to your organization.  Initially, this can be done by asking yourself and (if appropriate) other members of your team to identify others who may be using the same or similar type(s) of assets.

If you currently have patents, trademarks, or copyrights registered (or pending registration) then you have already begun this process whether you realize it or not.  If this is the case, then hopefully your attorney or legal advisor has conducted the appropriate research prior to filing for registration.  If not, the value and scope of your protected rights might be severely diminished.  Identifying and assessing potential IP assets more thoroughly allows many businesses to unlock significant value and in many cases can generate exponential increases in profitability without incurring significant costs associated with innovation, research and development, and marketing.

What about intellectual property that you haven’t identified or taken proper measures to protect?

This is something that many businesses (in all stages of growth and levels of maturity) routinely fail to prioritize because its potential impact on their bottom line isn’t properly considered or understood.

10 Questions to begin assessing your current IP portfolio and its potential benefits –

  1. Which designs, practices, formulas, instruments, processes, systems, recipes, patterns, ideas, technology, etc. create or add value to your business?
  2. Which of these assets have you properly identified and protected?
  3. Are other businesses or individuals using the same (or similar) assets in full or in part?
  4. Do you possess sufficient knowledge and skills to estimate the potential value of your IP assets, or should we seek outside advice?
  5. Do you have agreements in place which allow others to use our IP in exchange for appropriate compensation or other tangible benefit(s)?
  6. What are their alternatives to using our IP assets?
  7. Are you currently realizing appropriate benefit(s) from other’s use of our IP assets?
  8. Who else might benefit from using your IP assets in the same, similar or entirely different ways than we currently use them?
  9. What is the potential value to these other parties of using your IP assets?
  10. Now that you have answered some or all of these questions – How should you proceed?

For more information about identifying, evaluating, and leveraging intellectual property contact us: