Jackie Maguire, CEO of Coller IP Management and a member of BVR’s IP Management and Valuation editorial advisory board, lists important considerations in the order organizations should address when coordinating IP and business strategies:
- Managers should conduct a complete inventory of their IP assets, meaning intangible property, including intellectual property.
- Once identified, a value needs to be placed on the intangible property, not in the aggregate, but individually. Next steps in IP management depend upon expert valuation of the assets in hand. (Don’t look to the balance sheet for this; it’s probably not there.)
- IP value needs to be protected. Business decisions need to be made as to what IP to protect and to what extent. IP Metrics refers to this as triaging. Patent, design and trademark applications, by jurisdiction, need to be filed and kept current. Trade secrets protections need to be implemented and enforced. Contracts need to be reviewed.
- Business strategies to exploit the IP can be implemented.