Advanced Intellectual Property Strategies – Part 1 Advanced Tracking of Intellectual Assets
1.Advanced Tracking of Intellectual Assets
Intellectual assets are some of the most valuable assets a company owns. Every company has some intellectual asset into which company time, money and resources were invested. As with any valued asset, there should be records made of intellectual assets so the company knows what it owns and how each asset is being used. This is true whether the company intends to file a formal registration of the intellectual asset or not.
The tracking and documenting of new ideas and intellectual assets for a company may be used to build the company’s intrinsic value or to defend the company against frivolous attacks. Over time, a company’s investment in tracking and documenting its intellectual assets, combined with strategic intellectual property planning, increases the company’s success. The increased success is reflected in higher company valuations resulting from the realization of increased business opportunities, greater market share, increased trade value and business credibility, and significantly increased profits from existing and additional value streams. Those value streams may include commercial and technical advantages over competition, exclusive market positions, greater partner value, license and barter value, bookable/bankable value, increased business credibility, and broader company use of existing assets.
Every year, companies are accused of infringing patents, trademarks and copyrights based on work the company created long before the accuser filed for intellectual property rights. Without proper documentation to prove the original creation, the original creator can lose out in a big way. Making the early investment to identify and create proper documentation, a company can reduce its future frustrations, stress and legal bills caused by frivolous accusations.
Whether a company’s primary purpose for tracking and documenting its intellectual assets is to increase the company’s intrinsic value, to optimize its placement and appearance for acquisition, or to fortify its defensive position, every company needs to identify its intellectual assets and their relationships to potential value streams, to establish company procedures for tracking and maintaining its assets and value streams, and to plan strategically for capturing the full value of the assets.