Recognizing the role and importance of IP to your company should also improve your overall business strategy, as it will highlight new opportunities for growth and development through innovation.
This Guide (contact us to download this Guide: “Planning for Success”) will help you to identify the types of IP that are critical to your business, and whether you need to build, buy or partner to access the key assets you need and create lasting competitive advantage for your products and services. It is designed to be read in conjunction with other Guides on the web portal – particularly the ones covering IP Audit (how to identify your strategic assets), IP intelligence and international expansion.
Developing an IP strategy is a team exercise, involving collaboration between all those in your company who have responsibility for sales, finance, compliance and research & development. It should also be a ‘living’ document that is regularly updated and shared with employees.
Lastly, the strategy itself will be an important asset. A recent report by a well-known global legal services organisation identified that less than half of the major European businesses surveyed had a documented IP strategy for their business. Even more surprising, only 29% had a strategy document that had been formally signed off by the board. However, the same survey found that businesses with a documented strategy rated themselves as more successful than those without.
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