To succeed, a business must have a well understood, overall strategy as well as strategies for particular aspects of the business. Examples of such strategies include intellectual property strategy, product development strategy, and market strategy.
In the context of intellectual property strategy, businesses far too often invest time and money in a hodge-podge fashion. As a result, the return on their investment can be less than optimal. A proper intellectual property strategy maximizes the potential return.
A first stage in devising a proper intellectual property strategy includes a comprehensive audit of the business’ existing intellectual property. A second stage includes understanding the competition and their intellectual property. Once this information has been gathered, risks and opportunities can be analyzed and a proper strategy can be decided upon. This strategy should include implementation of a long-term mechanism for capturing and protecting intellectual property going forward.
The intellectual property audit and understanding of competitor’s intellectual property also informs the product development strategy. This information is essential to help ensure that any new product is protected and also that the new product does not infringe on someone else’s intellectual property.
Finally, a market strategy will be driven at least in part by the product development strategy. In addition, intellectual property in the form of trademarks and goodwill should be part of the market strategy.
Vested is well positioned to help you with these essential aspects of your overall business strategy.
Solving problems. Managing risks. Creating wealth. Simply Vested.