This article was written by ipervescence in collaboration with Davies Collison Cave. ipervescence is a joint venture between its Managing Principals and QANTM Intellectual Property Limited
Intellectual property is embedded throughout a business. It underpins and connects critical capabilities including how a business operates, manages people, innovates and collaborates. The real value of IP lies in its broad based contribution, and how effectively that contribution supports business objectives.
This article considers how an integrated approach to IP supports the way a business generates value and mitigates risk.
How can IP contribute to business objectives?
To thrive a business needs to align its strategic objectives to the way it creates value. As traditional industries and business models are disrupted, businesses are having to think differently about how they attract and retain customers, drive revenue and growth and engage with an eco-system of multi-disciplinary partners.
Innovation and intellectual property are a compelling response to disruption. They also support investment decisions, provide options for responding to customer needs, facilitate commercial transactions and secure valuable information. How effectively IP is able to do this however depends on whether it is dealt with in isolation, or as part of an integrated approach that reinforces value creation across business operations and aligned to business objectives.
What is an IP strategy?
An IP strategy is essentially how a business deals with intellectual property, to deliver sustainable value in the context of its commercial objectives.
From a practical perspective, an IP strategy identifies where a business creates value and provides governance and operational frameworks to effectively capture and deal with that value. Those frameworks may include:
- assurance measures for boards, investors and partners;
- structures to improve information flows and decision making;
- approaches to support competencies; and
- options for risk mitigation.
What are the benefits of an integrated approach to IP?
When intellectual property is dealt with in isolation – for example, as a discrete legal function or cost centre – there can be an opaque line of sight from IP to strategic thinking and decision making. However, when IP is dealt with at both an operational and a strategic level, boards and senior management are better able to make informed decisions across key performance indicators.
An integrated approach to IP enables decision makers to navigate a competitive marketplace and supports responses to industry and technology disruption. By focusing on the intersection of IP and business strategy, a business can more effectively leverage the value it is creating and mitigate associated risks.
IP is embedded throughout a business and its contribution to the way a business creates and captures value is multifaceted. While individual IP rights are important, the real value of IP lies in how effectively its overall contribution aligns to commercial objectives.
An IP strategy provides integrated governance and operational frameworks, to support the way a business creates and captures value. Taking an integrated approach allows a business to leverage that value more effectively, to foster long term success.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.