Freedom To Operate Is Not A Given You Need An IP Plan

In today's fast-paced and multi-faceted business world, a company's intellectual property strategy is vital to its success. Organizations without a proactive plan for dealing with IP are getting left behind as businesses with the ability to successfully manage their IP are surpassing the competition in every field. Developing and implementing a tactical IP strategy for your company should be an integral part of the way you do business.

A plan for dealing with IP involves not just reacting to competition or infringement suits, but having an offensive instead of defensive approach. Being unprepared for and unaware of IP issues can turn into costly IP litigation that can be a drain on your business. The only way to turn this bad situation into one that is profitable for your company is to invest time in working out a plan for all aspects of your IP that is relevant and in alignment with your business objectives. Companies that are aware of the importance of being prepared have a serious edge over those that neglect the IP aspects of their businessÑand having the upper-hand in this case can benefit a company in ways that it can't afford to miss out on.

In order to be prepared for whatever your competitors may throw at you, a good plan of action must include alternative options, such as cross-licensing, joint ventures, or, if necessary, litigation leverage. Another option is to license noncore IP to businesses that do not compete directly with you, which is a good way to leverage your IP without strengthening your competitors or affecting your core business. Successful businesses today know how to align each IP asset in their portfolio with their current and future business goalsÑincluding isolating those IP assets that are no longer vital to business, identifying any gaps in production, buying patents to fill in gaps in portfolios, selling patents that have outlived their usefulness, and licensing patents that may cover products that are no longer manufactured.

It is also important to have an idea of what your competitors have in their plan-book. Assessing their patent rights, market share, and the impact should they launch infringement actions against your key products is essential. Highlighting companies who may have patents that threaten your business is another good strategy for keeping the IP aspect of your business in its best working order.

A comprehensive IP plan is no longer an optional aspect of businessÑit is a requisite. A survey published in IP Review found that 34% of respondents indicated that they had no idea how to measure the value of their intellectual property. Can your business afford to neglect this increasingly important issue? Companies everywhere are starting to notice that something they've been missingÑa smart and detailed plan regarding IPÑcan make or break their business.

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