What is an intellectual property strategy?
This is one in a series of videos about intellectual property-and you! An IP strategy can assist your business with extracting value from your intangible assets- like the name of your product or services that you have in the market, inventions that you have developed, or your confidential business information. Your IP strategy is an important component of your overall business strategy. It’s a plan in which you determine what IP assets give your business its competitive advantage, and where and when you should protect them. Your IP strategy should identify how you will leverage your IP assets in order to grow your business and gain a competitive advantage. Will you bring your IP assets to the marketplace? Or will you be licensing or franchising your IP rights to a third party? Having a solid IP strategy will help you develop strong partnerships and seek financing if required. It should indicate the types of agreements and terms your organization will support. Remember, you should define an IP management process which includes monitoring the marketplace for possible violations of your IP rights. Do you have a plan to defend and enforce your rights? Finally, it is a good way to communicate to your management team and to your employees, the importance of IP, your short and long term vision, and the strategies you plan on using to leverage your IP. For more information, you can contact the Canadian Intellectual Property Office or visit our website. Remember, when it comes to developing your IP strategy, there are many factors to take into consideration. There is no “one-size-fits-all” strategy.