When securing a company’s position in the marketplace, an important step many founders ignore is creating a competitive Intellectual Property strategy. The Intellectual Property of your company is more than filing for a patent, copyright, or trademark; Intellectual Property includes a well thought out approach which can mean the difference between a successful company and a company that goes to zero. Here are 4 important factors to consider when formulating your IP Strategy:
1. The Intellectual Property strategy should support long-term product development goals driven by the firm’s development road map, not just ad-hoc innovations.
2. Intellectual Property strategy should reflect where these innovations will be sold. Given today’s globalized marketplace, worldwide patents are becoming more important, but they also increase the cost of creating and maintaining the Intellectual Property estate
3. Two critical variables to consider are the offerings features and benefits creating value and where that value will be extracted.
For example, a start-up seeking to gain a competitive advantage through ultra-light lithium-ion batteries, or through safer batteries (ones that do not explode), this core safety feature should be protected by its Intellectual Property strategy.
4. An effective Intellectual Property strategy becomes just as much about market intelligence as it is about claims construction.
For example, armed with the knowledge that General Electric is patenting a similar lithium-ion battery, the start-up may decide to patent design-around technologies, develop corporate partnerships or licensing agreements, or pivot to a new product entirely.
To learn more about Creating a Competitive Advantage with Intellectual Property Strategy visit university.ventureforge.co