Most companies have some sort of intangible asset they own - whether it is a trademark, patent, copyright or rights of some sort to creations of the mind that they need for their business. Much like any other asset, they need to be managed and cared for. Intellectual property management is a vital part of your business, to ensure all your IP is properly administered and guarded. There are several reasons why you need IP management. Let's discuss just some of the more important reasons:
Protection
For many companies, protection is the number one reason why they need intellectual property management. IP is something that is created by the mind, and there's no one physical object you can protect and lock up from thieves. Anyone can copy a song, a picture or logo, for example, and call it their own. A dedicated IP manager can check if your IP is being properly used, and what to do if it was used without your authorization.
Profit
Did you know you can directly make money off your IP assets? Many other companies can use the IP you own. For example, in manufacturing, rather than spending millions trying to reproduce a certain process, it may be cheaper to just license the patent, allowing for a quicker turnaround time. If you have a process you're not using, you may want to make it generate some profit for you.
Upkeep
Most, if not all IP has some sort of time limit. That means you can only have exclusive rights to it for a certain period of time. Or you can only have exclusive rights if you pay all the necessary fees and file the right papers. A patent, for example, needs to be initially filed, and then re-filed every few years. A good IP manager will keep a time line of what needs to be done to ensure that your company will retain its rights to that IP for as long as possible.
Acquisition
Since we've talked about patents or IP expiring, let's look at acquisition of other IP. If you need or want to acquire IP for your company, your IP manager can look up the necessary information for you. If a certain trademark or patent is expiring, you can work to ensure that you can get it for yourself as soon as it becomes available.
Intellectual property management is not merely about listing down your IP and paying fees. There are many reasons to use IP management to your advantage, to ensure that your company stays successful or will become even more successful in the future.
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