Protected knowledge is power in this era of digitalisation where theft & infringement of intellectual property (IP) is super easy. All businesses need to be attentive & proactive in protecting its IPs irrespective of size and type of business.IP can be key driver at any stage in the business if identified early and utilised fully but unfortunately lot of businesses face IP issues and won’t be able to leverage IP potential.
Blockers to Leverage IP: IP is one of key to generate profits and has large potential to tap to grow business by leaps and bounds. But sometimes IP goes unidentified, unused,under-utilised, unprotected due lack of knowledge / lack of fund. Misconceptions about IP like need to own patents in order to leverage IP and only invention can be protected and many more which handicaps the capitalising IP.IP threat are not always from outside the organisation and most of IP threats and blockers to leverage IP are within the organisation. How to overcome these concerns? there are no simple and straight forward solutions to this. Let’s explore some practices and options in the preceding sections which helps in preserving and protecting IP thereby paves way to leverage the IP and reap its potential.
Measures to Protect IP & Practices helps in Leverage IP: Protecting IP starts with identification and awareness as to what constitutes IP. Upon identification adopt measures which helps in protecting IP which are as follows:
- Contractual Measures: IP being intangible assets many a times difficult to protect and leverage without apt contract in place. Many of business transactions involving IP are complex and needs contracts. Licensing of IP requires license contract. For example, to transfer know how contract is needed and to protect trade secrets execution of non-disclosure Agreement is required.
Hence having robust and comprehensive contract management in place for IP transitions, IP assignments and IP acquisition,IP licensing is essential.
- Technical Aids & Tools: Early identification of IP involved in any transaction or process, product, formula or method is elementary for effective IP protection in this regard security and safety of information and communications about IP like business-critical information identification and access to sensitive data on need basis can happen only with use proper tech aids to tools depends upon the need. For example, tech aids like adoption of encryption techniques, use of dash boards, having access management in place,use of system-based classification of data, adopting the risk assessing tools, use of firewalls and many more. Creating environment of physical as well electronic security measures are helpful to protect and preserve IP which turn boosts leveraging of IP.
- Legal Measures: Registering and renewing the IP immediately upon identification of IP wherever and whenever required. IP checks and due diligences are must. Other practices like conducing on going due diligences in order to check infringement of any of IP rights by third party or employees or customers. IP audits in this regard are very helpful. Initiating actions against the infringers. Designing and adopting required IP polices from time to time in an organisation is base and laid the foundation for IP protection. Corrective actions and implementing ongoing improvised policies and procedures in the organisation are supportive to IP protection which led to smooth IP leverage.
- Other practices like awareness programs and trainings to staff and following IP culture in the organisation on ongoing bases are helpful to boost IP portfolios which can leveraged in the market and benefited from
FinalRemarks: Any business can achieve big results from leveraging IP including any small business or start-ups but for that identifying and protecting IP is must along with adopting measures which boosts leveraging of IP, role of contract in leveraging IP is indispensable to reap the benefits fully. But yet it’s not uncommon that IP goes unused or underutilised, unidentified due to lack of finances, resources or identification. 4Ms boosts IP protection and IP leveraging that are monitoring, measuring, managing and monetising.
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* Write up by Team Purple Pursuits. For more details you can reach to us [email protected]
