Most technology companies take a haphazard approach to protecting their vital intellectual property (IP) assets. They have no system to identify innovative ideas, prioritize which ideas are the most valuable, and build a strong IP portfolio filled with strategic inventions.
Inventions are critical for technology companies to maintain a competitive advantage. New competitors can “come out of nowhere” with a product that steals market share from well-established companies. Without a strong IP portfolio, your company is at risk of lost revenue – or worse – due to these competing products.
Thus, your company needs a system for identifying, evaluating, and protecting important inventions and other IP.
Keep away from the haphazard approach to protecting your IP.
This approach is guaranteed to fail.
IP strategies are not taught in college or high school, so most people never learn these skills.
Here’s how most tech companies fail to begin identifying and protecting their valuable IP assets, and how you can avoid doing the same:
- They fail to assess their current IP situation
The lack of guidance or knowledge about IP causes most companies to either ignore the subject or randomly prepare a couple patent applications without determining whether they actually benefit the company.
The unfortunate result is a weak IP portfolio with patent applications that do not provide significant value to the organization.
Building a strong IP portfolio requires Continue reading