When is the right time to think about protecting your IP and how to do so?
IP and Business Plan
The best time to protect your IP is at the business planning stage of your company. This will help you to better formulate and include all the things that will be required by your company and the protection of them as well. Making a business plan for your business is extremely crucial. This needs to be done at the very initial stage of your business. What it will do is that it will help you follow a blueprint so that you can make your business stand out in the market and create a brand identity for your company. The objective of a business plan is to not just think about the business logic but to also think about the assets and resources of the company. Your potential investors will require a well-formulated and systematic plan or pitch, hence, a strong Intellectual Property protection interconnected with your business planing will help your business to target the proper consumers, better client acquisition, interested investors and lenders and so forth. Needless to say, this will eventually help your company to make a mark of its own.
How can you incorporate IP in the Business plan?
Before writing down a business plan for your company, it is extremely important to understand and take in consideration a few things. You need to understand the nature of your business, have a set target of consumers, the resources needed for your business strategy, the growth potential of your business. Here is a list of some things that you need to know about in terms of incorporating your IP in your business plan.
- What are the assets you own- To begin with, list down all the types of intangible assets that you have or may own. Identify these and categorize those assets in terms of trademarks, copyrights, trade secrets, patents etc. This will help you to present your services better in the market.
- How do you plan on protecting that IP- After identifying and categorizing that IP, think about the way of protecting it and commercializing it. Have a system in place to get the proper help that will be needed to protect this IP. You will need professional help to understand the steps involved in doing so. So make sure that you employ some professionals to do that work for you.
- Ownership of the IP- Make a clear distinction between the ownership and co-ownership of your IP. Give credit to anyone who is involved in the innovation process of your IP. If you are using the IP of someone else, make sure to mention their name and not copy their work.
- Know the market- Be sure to know your market, your competitor’s market and things which might affect your assets. This will help you to stand out and make a mark in the market.
These are some of the ways which will help you strategize your IP protection in your business plan. A business plan, at the of the day, is a type of an innovation which is then commercialized and put forth in the market, much similar to what your IP is. Thus, the protection of your innovation is something which will give your company the initial push and presence which it needs so as to compete and excel in the market competition.