Intellectual property (IP) is present throughout all aspects of a business lifespan as IP forms the foundation for and connects all critical capabilities as to how a business operates. Because of that, intellectual property’s value lies in its contribution in supporting the long-term or short-term objectives you have for your business.
This article will explore how an integrated IP strategy for businesses can utilise their IP to generate value and mitigate risks for the business.
How does Intellectual Property contribute to a business’ objectives?
For a business to thrive, the business needs to analyse and line up it’s business objectives to the manner in which it creates value. With the coronavirus pandemic disrupting conventional industries and business models; many businesses have to rethink their strategic approach on how they draw and retain customers, grow revenue, cultivate growth and the approach they take to engage with multi-disciplinary partners.
Intellectual property and innovation are two compelling responses to the disruption caused by the pandemic. These two support business investment decisions, provide customer needs with options, ease transactions and capture valuable information. How effectively IP can be able to create such positive responses depends on whether IP is dealt with in isolation or as part of a wider united approach that reinforces value growth across all business operations that also align with business objectives.
What exactly is an IP strategy?
IP strategy is the method in which a business deals with it’s intellectual property to ensure that the business is able to deliver sustainable growth and value in the context of its commercial business objectives.
Practically speaking, an IP strategy identifies where a business can create commercial value through the creation of internal governance operations and action steps designed to capture credible commercial value from clients and other entities.
These action steps can include:
- Creation of assurance measurements for board members, investors and business partners.
- Creation of structural scaffolding to analyse areas of improvement regarding information flow and decision making processes.
- Creation of approaches designed to support business competence as well as vigilance and mitigation approaches towards business risks.
What exactly are benefits regarding an integrated approach to IP.
When IP is dealt at both a strategic and operational level wherein board members and senior management are able to see what the IP is, they are then able to make informed decisions that are guaranteed to increase several key performance indicators.
An integrated approach to IP encapsulates this approach when IP is dealt at senior management levels. It enables decision makers to effectively navigate complex, competitive and ever changing commercial markets and business landscapes. By focusing and ensuring IP and business strategy synergises then a business is guaranteed to effectively leverage the commercial value it’s been trying to create and mitigate associated risk it’s been trying to minimise.
IP is well and truly embedded throughout a business. This is evident more so when a business is trying to create and capture commercial value that is multifaceted and complex. The real value of IP should always be looked from a business perspective of how the IP can significantly contribute to the business’ overall commercial objectives. IP provides such clear governance and action steps based on the value that the IP creates. Therefore taking an integrated approach between business operations and IP is an approach that makes commence seeing the value that IP creates and fosters over long term growth and maintenance.
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