COMPANIES IP STRATEGY

Most of the companies still lack a tailor-made IP strategy that should be aligned with their commercial strategies. In such cases, undertaking an IP audit of such business is a requisite and of significance. Otherwise, companies venturing without relying upon an IP strategy may face with difficulties such as:

* its licensees/agencies in different territories of the world may have registered their IPRs in their names without obtaining their prior approval,
* its products and/or services may violate other parties’ IPRs due to lack of freedom to operate analysis to be conducted with respect to the territories where those products and/or services are being commercialized,
* the company may overlook to obtain IPR registrations in the countries where it operates or plan to operate,
* company’s trade secrets or IPRs may not have been tracked and documented within the company timely and appropriately,
* staff inventions may not be notified internally under a pre-determined “invention notification scheme” thus they may have fallen into public domain,
* the company may decide upon entering into new territories of the world without attributing an importance to its IPRs that should render legal protection to the company against its competitors,
* employment contracts may lack requisite provisions that would deal with IP issues appropriately,
* the company’s IP licences or monetisation strategy of its IPRs are ineffective.

In order to prevent such shortcomings, it may be wise to conduct an IP audit as mentioned above and draft a detailed IP strategy that would depict all the points above with the aim of establishing tailor-made policies and procedures organizing and enabling all of the company’s intellectual property. Appropriate intra and extra licensing strategies together with tax planning and IP holding structures can be essential for conducting a proper monetisation strategy. Outdated or non-functional IPRs may be sold or licensed in the event they have fallen behind or outside the scope of the company. Proper education of the stuff and C-level is also of significance to keep them informed and updated with the developments arising out of legislative regulations and growing technologies.