What Is The Impact Of Leaving Intellectual Property Til Later?
“IP is expensive and confusing and we are not sure what to do, so we will wait”.
INSURANCE. Intellectual Property and Insurance are similar, but you don’t wait until the thief has broken in to get insurance.
COST. Intellectual Property strategy does not have to be expensive and laying the foundations is essential for all businesses with ambition.
THINK AHEAD. What is the worst that could happen? Someone steals our idea? Takes our code? Uses our brand? Put the steps in place ahead-of-time because trying to do it after an issue has occurred is messy and expensive.
AFTER THE EVENT. Sadly with Intellectual Property, many companies only get active when they have been hit with an issue, this is an expensive strategy.
TRADE SECRETS. Donald McCombie, partner at Clifford Chance, London says:
“For me, it’s quite surprising how few companies have any kind of formal processes for trade secret protection. The companies who really pay attention to trade secrets are often the ones that have been through an expensive dispute and want to avoid a repeat. The costs of taking proactive steps to pre-empt a dispute are generally far lower than the costs of enforcement litigation.” Quote from a recent IAM article by Maia Edilashvili Biermann
EASY TO GET STARTED. It is far easier to dedicate some time to this earlier in the business life cycle. Then to review on a regular basis.
What examples have you seen of Intellectual Property protection in the brands and companies you admire?
IPStrategy #TradeSecrets
The Benefit of Hindsight in Advance ™️
Photo credits John Pryor Mont Blanc summit June 2017.
I am John Pryor, making IP accessible and valuable for your business.
The Benefit of Hindsight UpfrontTM
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JOHN PRYOR: I am John Pryor, I am a strategy consultant focussed on intellectual property and dedicated to helping people and business to make the best use of all available IP to compete and win in the marketplace.
My aim is to increase people’s understanding of Intellectual Property, so that they can successfully and cost effectively use it in their business, to help achieve a higher valuation.
Book: The Innovation Handbook, 2nd Edition 2010. chapter: How to maximize the value of your intellectual property.
ABOUT MY YOUTUBE VIDEOS: In these videos I explain some of the most important aspects of intellectual property in ways that make it relevant and accessible to business people.
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