4 ways to a strong IP strategy

Nowadays acquiring Intellectual Property Rights is not just about protecting your innovation. Value is found in the ways in which owners benefit from their patents and trademarks. It is for this reason that companies strategically chalk out a strong IP strategy. Companies have been increasingly using their IP to generate revenues. IP strategies should be designed in a way that aligns with business strategy. Listed below are a few ways to creating a strong IP strategy for your company:

1. The first step towards developing a strong IP strategy is to build a strong IP portfolio. A common mistake made by small businesses is being too guarded about their innovations. They need to understand that the benefits of sharing their innovations can be greater than the benefits of guarding it. Filing patent applications at the earliest possible opportunity, before sharing, is important. Consider the amount spent on patent protection as an investment for your company and not a cost.
2. Consider doing a patent search before filing your patents. A good first step is to search the Canadian patent office database for any parallel or similar ideas. Expanding your search to other jurisdictions will provide you with a more well rounded and extensive search.
3. While doing your search, devise a plan to combat IP litigation from third parties. In the event that another entity files a lawsuit against your patent application, it can be beneficial to be in a position to contest their assertions.
4. Map the commercial value of your patents and trademarks in all markets. Once you have a fair idea of the business value of your IP portfolio, you can control the sale of your offerings accordingly . You can identify potential licensing partners, spot infringers and make informed business decisions. Look for potential markets in other jurisdictions and patent your innovations in those countries as well. Look for new product launches and cross-licensing deals.

If you’re looking for more insights into creating a strong IP strategy, contact our IP professionals at Prowse Chowne LLP. We can assist you in protecting your intellectual property. Our team specializes in IP rights, and we strive to constantly keep ourselves up to date with the latest amendments to IP laws.