What Are The Top Features Of A Good IP Management System?

Many business owners devote considerable amounts of time and energy into trying to ascertain a dollar value amount that reflects their Intellectual Property (IP). One of the biggest obstacles is mainly attributable to one of IP's greatest strengths: its intangibility. Unlike the costs of scaling up the production of goods or even services, fully developed IP can be licensed and easily shared with others who want to benefit from its use.

A well-known Rodgers & Hammerstein song lyric asks, "How do you catch a cloud and pin it down?" In essence, the management of a company's IP asks executives to do just that: capture something as ethereal as an idea and apply it to concrete, value-adding business activities.

IP protects a product or service you have developed that sets you apart from other companies and frames your business, its purpose and growth potential. The real value of IP depends on how well it can be leveraged so that your company maintains a competitive advantage within your industry. However, the ability to leverage IP is reliant on how well it is managed. If your business wants to make effective use of these intangible properties, here are seven tips on how to build robust IP management systems:

1. Regular IP audits

   IP is a catch-all phrase for many types of intangible assets that may be protectable through patents, trademarks, copyrights and more. Firms that are just starting to track their IP will want to begin with a thorough investigation of their existing properties that are protectable. Those who have collected this information in the past will want to regularly audit their company's IP and the procedures used to manage it. This can sharpen the IP owners' focus, helping them to eliminate wasteful assets and processes while focusing on improving the effectiveness of more crucial ones.

2. Team education

   It is essential to educate your staff to make sure no one compromises your company's IP assets. Check if all employees know how to safeguard the IP portfolio against mistakes which include unknowingly sharing IP with a third party before it can be trademarked or patented. A full-service provider for global IP management can have consultants regularly meet with your team to provide further information on IP so everyone can handle it appropriately.

3. Regulatory compliance

   Filing applications to obtain IP rights requires a tremendous amount of attention to detail and the ability to follow rules that can be exceedingly complex...