IP Strategy

2. IP Strategy

Now that you are aware of the different types of IP, it is time to consider how IP is relevant to your business.

To do this, look at your IP environment. Is there IP in your industry? How do your competitors use IP?

What do customers expect?

• if you sell goods or services to the consumer, how important is your brand? How would it affect your business if a competitor started selling products with a name or logo similar to yours? If this is important to you then your IP strategy should involve registering trade marks for your brands

• is your market just in the UK, or do you export? If you are exporting or thinking of exporting within the EU, then your IP strategy should involve checking that the brands you want to use are available for you to use not only in the UK but also in Europe

• do you want to license your products or processes? If so, your strategy will need to take this into account. It is far easier to license registered rights than unregistered rights

• do you need to attract external funding, e.g. venture capital? If so, it may be essential for you to have some registered IP e.g. a portfolio of patents

• if you want to rely on confidentiality, you need to make sure that secure NDAs are in place from the start

• if you plan to exit the business in a few years, you may need to develop a robust IP portfolio so that your business is attractive to a potential purchaser

• do you just want to have a quiet life and avoid being sued? If so, make sure you are not infringing anyone else’s IP by carrying their trade mark and do patent searches before introducing new products

Once you have decided on your IP strategy, carry it out. Make sure you keep notes on all the actions and decisions you take and put a note in your diary to revisit the strategy at least once a year, or more often if your circumstances change (for example, if you take on new staff, enter new markets, develop a new product range, etc.)

Your IP strategy needs to be up-to-date and relevant to your business.

Use this IP Strategy template (MS Word 11kb) to help put your IP strategy together.