During the past few years, intellectual property (IP) has become more valuable to businesses than ever before. It doesn’t matter if your intellectual property is a blog, an eBook, or simply a document that outlines your business plan, you not only need to protect your IP, but you also need to create a strategy that allows your startup to get the most use out of each piece of the intellectual property. Check out these steps below to help you put together an effective IP strategy for your startup.
What is an IP Strategy?
All startups should have an IP strategy in place. The IP strategy is a clearly laid out plan that not only identifies all the startups current and future IP assets, but also details how the company will utilize these assets. The IP strategy should explore how the startup plans to create additional intellectual assets and how it’ll use the IP to boost revenue.
Steps for Developing an IP Strategy
Successful startups follow a specific set of steps for developing their IP strategy.
1. Identify the Strongest IP Assets
Most startups are surprised by the sheer volume of IP assets the company possesses. Some of these assets are more valuable than others. Go through each one and determine what it adds to your startup.
2. Identify How You’ll Use Your IP to Develop Your Startup
Intellectual property is more valuable than ever before. Each IP asset has some value to your company. Take each of these assets and identify their importance to your company and how they can be used for things such as improving management, applying for licenses, improving brand image, and aiding marketing efforts. Knowing how to use your current intellectual property to help develop and grow your startup helps you identify which forms of IP assets you need to create for additional growth.
3. Analyze How Your IP Gives You a Competitive Edge
Take your current IP assets and compare them to your competition. Identify how you can use your assets to help drive your brand and boost revenue, giving you a competitive edge. The analysis will help you predict which IP assets the competition is developing, enabling you to create similar material relevant to your company.
At Larta Institute, we specialize in developing IP strategies and are happy to take our knowledge and resources and use them to improve your startup’s IP management, development, and strategy.