2.Advanced Organization for Success
A company’s success in the marketplace is proportional to its sophistication in managing its intellectual assets. Because as much as 80% of the value of publicly traded companies is based solely on their intellectual assets, to be taken seriously by large companies as potential business partners or even as competitors, all companies should increase their sophistication in managing their intellectual assets. Increased sophistication begins with company organization directed toward capturing the value of the intellectual assets.
Highly successful companies have the basic organization in place to capture greater value. Here are four essential elements for capturing greater intellectual asset value:
·Establish company procedures for identifying, evaluating, recording and capitalizing on new ideas and technologies. Having established procedures in place reduces the learning curve for new employees, increases the likelihood that the value can be captured from the assets, ensures that the proper documentation is created and steps are followed for each asset, and significantly reduces the cost of generating value from each asset. These procedures will be unique to your company and its organization. They are a valuable trade secret and should be treated as such.
·Hold annual intellectual property training for your employees. Training should include education on the various aspects of intellectual property relating to the work of each employee so that each employee can identify relevant intellectual assets and the procedures necessary to document, expand and use those assets to benefit the company.
·Form an Intellectual Property Strategy Team for your company that includes one or more Intellectual Property Project Managers (for the company or its divisions), business managers, marketing managers, technical designers or engineers, company management, and intellectual property counsel. The team may include sub-teams relating to different aspects of the business of the company, different product lines or marketing aspects for the company.
·Hold regular (at least monthly) Intellectual Property Strategy meetings with all or a portion of the Intellectual Property Strategy Team. Each meeting should have a specific purpose, agenda and deliverables list that is updated at each meeting. The purpose for the meeting determines who should attend.
The IP Project Manager has the ultimate responsibility to organize the intellectual assets of the company, plan and coordinate intellectual property strategy and brainstorming meetings, maintain Intellectual Asset Value records, generally keep track of the company’s intellectual assets and their relationship to the company’s business strategies, coordinate new IP value streams for the company’s IP, and ensure that the intellectual asset policies and procedures are being carried out.
Realizing greater intellectual value from any intellectual asset requires investment of time and resources, and management’s commitment to see the value through to its successful end. Not every attempt to capture asset value is successful, but through organization and planning you can significantly increase the likelihood that your intellectual assets will generate much greater value for your company.