How to Create & Manage Valuable IP Portfolios

Intellectual Property continues to grow as one of the most valuable business assets requiring careful crafting of business strategy. Knowing how to create and manage valuable IP can make or break the longevity of businesses and should be a key investment when starting, growing, and maintaining a successful business.

Intangible assets including IP are now reported as representing about 80% of a business’s value. With this, directors must now increase their understanding of how to manage these intangibles.  Here, we break down how you manage IA/IP, and explore some IP management services to guide you on your IP journey. 

Intangibles Management Processes

Smart companies will treat intellectual property as a strategic issue requiring proactive management. The creation of a valuable IP portfolio requires active management processes, not an ad hoc approach. 

Identification and capture:  Understand the types of intellectual property that exist and which of the available mechanisms for the protection of that IP best serve your business strategies. Ensure IP is captured within your business and doesn’t leak through poor processes, especially when third parties are involved in your R&D or commercialization.

Portfolio management:  Understand what criteria your business will use for adding new IP to its portfolio, and for maintaining or renewing it. Put in place a system for managing the maintenance of your registered intellectual property rights. This involves not only diarising relevant dates by which renewal fees must be paid, but establishing a set of criteria for determining whether the rights in question should in fact be renewed. This will involve assessing whether the rights are presently utilised in the business and if not, whether the rights match any of the company’s business strategies, or whether the IP could be licensed-out to third parties - such that there may be value in retaining the rights.

Value Extraction:  Each item of intellectual property within a portfolio should be analysed to determine its value and how it can be best used to contribute to the company’s bottom line. This analysis involves assessing the intellectual property in light of the company’s business strategies, to ensure there is a strategic use for the item.  If there is no strategic use, then the intellectual property can be abandoned, which will at least save the company the renewal fees for the remainder of the life of that intellectual property. Value extraction might include direct commercialization, licensing-out, outright sale, or joint venturing.

Value Recognition: Establish a set of metrics that will let you know how well your IP/IA management is working. Determine what IP or value capture outcomes best support the business strategy, and create metrics with reporting loops to upper management, to incentivize these outcomes.

Tools for Managing a Valuable IP Portfolio

With a solid IP portfolio comes a significant amount of maintenance. Businesses need to maintain control of their IP by ensuring they stay up to date with licensing, data insights, competitors, and market trends.

Starting IP Management

Although managing IP may seem time-consuming, streamlining and having strong processes in place will save time and potentially money in the long run. A well-kept IP portfolio will mean no more last-minute renewal decisions or scrabbling around for licences, data, or contracts, as they are all in one easy-to-find place.

How to Choose Software Tools for IP Management

With the onset of cloud-based software, there is a range of IP management software to make it streamlined and successful. However, the software you choose will depend on your individual business needs, resources, and portfolio complexity. Ask yourself a number of questions:

·       Do I need strong datasets to support decision making?

·       Should my software be accessible to third parties (e.g. attorneys, collaborators)?

·       Do I need automated patent and trademark renewals?

·       How easy is this to use, and is there technical support?

·       Can it be personalised for my business?

·       What are the security measures in place?

The question of security is one of utmost importance, as weak security can leave businesses vulnerable to hackers and a loss of invaluable data, legal documents, and competitive advantage.

 Once you’ve answered these questions, research a range of IP management systems to see which fits best for you, your budget, and your business.

Software Tools for IP Portfolio Management

There is a plethora of IP management software out there, and it can be hard to know where to start. To start off, here are two of the most comprehensive end-to-end IP management systems to help you build, manage, and grow your IP.

IPzen

IPzen is a platform that allows businesses to keep their IP management in one place. It is user-friendly and can keep track of all IP elements. This includes an interactive dashboard to showcase data easily, calendars, directories, domain & trademark management, as well as an automated invoicing system.

It has actionable tabs, folders, and deadline management so teams can communicate efficiently and effectively over a number of departments. It’s a holistic way to keep track of all things IP, so employees know where to find information, store information, and reach out to external business partners with ease.

IPzen’s security measures also appear top-notch. They use an encrypting system and monitor the software 24/7 to keep your IP safe and sound.

DIAMS

Dennemeyer’s DIAMS software allows organisations of any size to better take control of their IP portfolio. This customisable, flexible software offers integrated document management and auditing features, along with reliable security to store IP portfolio data. Key products include DIAMS IQ and DIAMS U.

DIAMS IQ lets all corporate or law firm stakeholders manage the entire IP lifecycle. The software covers every aspect of IP management, from innovation, collaboration, and analysis to the coordination of resources and the automation of workflows.

IPfolio 

IPfolio pride themselves on being a full end-to-end ‘IP Lifecycle Management Solution for corporate IP teams’. It’s a cloud-based system that gives you control over maintaining and growing your IP portfolio.  

It is user-friendly and uses market-leading data from Clarivate to inform its data so you can make well-informed decisions surrounding your IP. Its interface is also intuitive and has a range of configurations to fit how your business works. Whether you have a small, medium, or large enterprise, IPfolio can be configured to suit.

Take care of all your patents, partners, contacts, and processes in one place.

Innovation Liberation Front Can Kick-Start Your IP Journey

Innovation Liberation Front exists to help innovative businesses create and build an IP strategy so you can extract maximum value from your intangibles. Having a great idea is a good start but knowing what to do with it will create a successful business, and that starts with a strategy and implementation plan.

Learn how to manage your risk exposure, manage efficiently, and get a hold on all the legalities involved in going to market. Get in touch with Innovation Liberation Front today for a free IP health check.