Intellectual property (IP) is the lifeblood of commercial R&D, with these assets supporting potential acquisitions, safeguarding revenue streams, and driving future growth. However, keeping on top of IP planning, monitoring, and management can be challenging. Without the right processes and tools, gaps in your IP strategy can put your business plans and innovation roadmap at risk.
Discover the most overlooked considerations in R&D organizations’ IP strategy, and how businesses can close them to gain a competitive advantage in our latest whitepaper.
In this blog post, we look at why it’s essential for R&D organizations to have a robust IP strategy and highlight some of the awareness gaps that could leave your business at risk.
Your IP strategy is your early warning system against emerging threats
Over the past three decades, IP assets have grown increasingly important for R&D organizations. Intangible assets, such as IP, currently make up more than 80% of the total value of the S&P 500, and are now widely used to inform business mergers and acquisitions, patent portfolio adjustments, litigations and licenses. Despite this, many R&D organizations do not put in place the necessary management strategies to take stock of their own IP, let alone monitor the landscape for emerging risks. These oversights mean businesses risk losing or under-utilizing the value of their IP portfolio, or worse, leaving themselves exposed to emerging threats.
For organizations to maintain the value of their IP assets, regularly reviewing the landscape for emerging opportunities and potential risks is vital. Although most R&D organizations monitor patent publications from known competitors, many do not have the right processes in place to more broadly identify infringement of their IP. As we discuss in our whitepaper, this common oversight can put businesses at high risk of missing IP from new market entrants or tangential players expanding their reach.
Don’t be complacent... Your IP strategy could be exposing you to other commercial risks
While many R&D organizations think they have a firm grasp on their IP portfolio and are regularly monitoring the innovation landscape, there are a number of other commonly overlooked factors that can undo the careful IP management and monitoring plans these businesses put in place.
Digital security is a critical but often neglected consideration in maintaining the value of your IP portfolio. Barely a week goes by without another global corporate cybersecurity breach in the news headlines. However, it is often the inadvertent release of confidential information by in-house staff or third-party vendors that poses a greater risk to the integrity of IP than hackers or other external security threats.
Consistent training around data security, as well as robust IP management practices, can help companies secure this internally. There are a number of sensible precautions you can take to determine whether prospective service partners have the necessary measures in place to protect your IP with the same level of care as you do – read our whitepaper for more information.
You could also be putting your business at risk if promising ideas are discarded due to an incorrect perception that the IP space is too crowded. By developing measures to develop and retain essential knowledge around IP search, and using tools and services that can fill potential information gaps, businesses can overcome the most common pitfalls.
Take control of your innovation roadmap by closing the gaps in your IP strategy
Organizations that aren’t actively planning their IP strategy, managing their asset portfolio and monitoring the evolving landscape may be exposing themselves to unnecessary risk or letting growth opportunities slip through their fingers. To identify potential awareness gaps in your IP strategy, capture emerging opportunities and stay ahead of the competition, it’s vital to review and update it on a regular basis.