Learn About Intellectual Property Management

We bet you’ve come across the term Intellectual Property (IP) or Intellectual Property Rights (IPR). Well, it is one of the most critical aspects for any business, as it helps protect trademarked logos, copyrighted content, confidential research, product information, etc. from competitors. Owning intellectual property assets shows that your business is innovative, adaptable and creative. Yet, a lack of process for managing and protecting these assets shows that your business is prone to risk from competitors.

Although it requires time, effort and money, business leaders need to invest in IP management. This allows them to create a strategy to manage intellectual property and assets, align internal processes with the organizational goals and push the overall innovation while maintaining confidentiality and rights.

Let’s look at Intellectual Property Management (IPM) in more detail!
 

Understanding Intellectual Property Management

Let’s first understand what intellectual property means. According to Gartner, it refers to “assets that are protected through regulatory methods such as patents, copyrights and regulatory licenses; however, this protection is being expanded to include software and business processes when these can be demonstrated to be original, novel and non-obvious.”

Hence, Intellectual Property Management helps manage business creations, work products and innovations, including patents, copyrights, trademarks, trade secrets, etc. IP assets can include customer intelligence and business intelligence, highly influential to the company’s net worth and industry advantage. This is why the protection and management of IP assets become a commercial imperative.

Businesses can protect the rights and ownership of the creators while ensuring no other business can copy their work or take credit for it. Although IPM is a standard practice in today’s era, that wasn’t always the case.

Let’s take a quick look at the history of IPM – and no, it did not start with the Newton-Leibniz debate!
 

Evolution And Origins Of Intellectual Property Management

The earliest recorded dispute around intellectual property dates to the 6th century BCE! A year-long exclusivity was granted to bakers in the Sybaris, an Ancient Greek city, for a new type of bread.

The first industrial patent was granted in 1421 to Filippo Brunelleschi, a Florence architect, who developed a crane system for shipping and transporting marble. #BirthOfInnovation

Then, the 1787 U.S. Constitution laid the groundwork for patent rights for inventors in Article One, section 8, clause 8. The ability to assert ownership over one's innovation began to gain momentum in the United States.

Legislative authorities came to embrace the concept of international intellectual property protection in the early 1880s. The Paris Convention established clarity and collaboration in 1883. Written work received the same protection through the 1886 Berne Convention, while trademarks received global protection with the 1989 Madrid Protocol.

Did you know that roughly 1.98 million patent applications were filed in 2012 at the world’s five largest patent offices? #SayWhat

This solidifies the fact that innovative businesses are actively protecting their work products and trademarks. Competition is high and businesses must retain IP assets that give them an edge in the market. Yet, how does IPM actually function?

How Does Intellectual Property Management Work?

 
The process of Intellectual Property Management can be broken down into a few steps:
 

• Outlining The Strategy

  Businesses must outline an effective strategy that identifies, protects, enforces and manages IP assets while aligning their value with the organizational goals.

• Collaboration With Creators

  Once the IP strategy is finalized, it can be implemented to protect each IP asset, its values and desired outcomes in the business ecosystem. This step requires detailed discussions between the creators of the IP asset and business leaders.

• Set Up An IPM Team

  Then, an Intellectual Property Management team should be deployed to formulate and regulate the framework set up for dedicated IP management. IPM teams must communicate the IP protection policies to stakeholders, as well as structure the monetary licensing, ownership contracts and confidentiality agreements for everyone involved.

• Authorization And Regulation

  Finally, employees, stakeholders, collaborators and creators need to be informed about protected business assets (such as patents, copyrights, trademarks, etc.) and whether they are authorized to use the assets. This mitigates potential violations and the risk of IP theft by third parties.

See, Mr. Newton, the working of IPM is easy to understand! Now, let’s gravitate toward the benefits of Intellectual Property Management, shall we?
 

Benefits Of Intellectual Property Management

Could you guess the brand of a sports shoe with three white stripes on it? Of course, it’s Adidas. No other brand can use the iconic marking, thanks to IPM. (Well, with one exception…)
 
IPM can similarly protect the trademarks, copyrights, patents and trade secrets of your business. Here’s what else it can help achieve:
 

• Enhances The Brand’s Market Valuation

  Effective IP management can generate revenue through licensing, sale or commercialization of your organization’s protected assets. In case of any violations, the business is entitled to monetary compensation, which safeguards your market share and industrial edge.

• Protects Business’ IP Assets

  In case your business undergoes a merger or acquisition, protected IP assets can raise the valuation of your business. Moreover, managed IP assets can also ensure innovators and creators get a steady stream of royalties, even if the original company no longer exists.

• Helps Businesses Stand Out

  IP Management essentially creates a unique image for your business in the market as trademarked logos and designs can help consumers differentiate your products and services from other brands. This can lead to higher brand awareness and recognition.

As businesses raise investments in innovation and R&D, there is a need for faster and more comprehensive protection of IP assets. With higher competition in the industry for consumer attention, brands will have to double down on their IPM efforts to maintain their edge over other brands. Here’s what we can expect in the near future!
 

The Future Of Intellectual Property Management

The market for intellectual property management software was estimated to be worth USD 6.97 billion in 2022 and is anticipated to grow to USD 18.54 billion by 2030, achieving a CAGR of 17.27% over the period. Maintaining and protecting the organizational portfolio of intellectual property will be crucial as the level of market competition rises.

Protecting IP assets will be much more critical as blockchain-related inventions and non-fungible tokens (NFTs) are being developed as digital assets. The public is also growing awareness of intellectual rights for digital creations and innovations. In fact, a report published in February 2022 shows that the international patent applications filed via WIPO’s Patent Cooperation Treaty (PCT) grew by 0.9% in 2021 to reach 277,500 applications! We’re sure this trend signals that it is a good time to invest in Intellectual Property Management for businesses!
 

It's An End To This Intellectual Conversation!

 
Intellectual Property Management is a critical factor in the success of any organization. It is critical to understand the different types of intellectual property, how they can be aligned with the organization's interests and ways to protect them. By having a clear Intellectual Property Management plan in place, organizations can ensure that their intellectual property assets are protected and that their innovative ideas are not stolen or misused. So, do you have an IPM strategy yet?