Why Your Company Should Develop an IP Strategy

Why Your Company Should Develop an IP Strategy

For many companies, their IP is the most, or one of the most, valuable company assets. And because IP often involves complex legal rights, every company should have an IP strategy in place to maximize the value of that IP.  An IP strategy and some of the subtleties many companies must consider related to that strategy: patent eligibility, patent versus trade secret protections, timing patent filings, and competitor monitoring.

Companies can use patents to exclude competitors. They can also license patentable technologies for economic gain. As a simple hypothetical, imagine that an early cell phone maker invented both a smartphone with a flat touchscreen and a phone that flips open. The company decides that the flip phone is more marketable and shelves the flat touchscreen technology. That company can patent both, even though it chose to not commercialize the flatscreen smartphone. When a competitor comes along and makes flatscreen products, the patent can be licensed or enforced to enjoin the infringing activity.

Source: Built In, Inc.

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