Top 6 Challenges of IP Management for Businesses

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IP Management for Businesses

Innovation is the key to helping businesses thrive. As you develop new offerings, your competition will get a run for their money. 

However, you need a thorough IP management plan to ensure your IP doesn’t get snagged by a competitor. The best strategies involve software testing, IP portfolios, and a thorough understanding of the legal issues surrounding IP management.  

Expirations and lapses

Specific types of  IP protection, like trademarks and patents, will require a period of renewal to remain active. Unfortunately, if your business deals with an IP portfolio at scale, it can be easy to miss these renewal dates. To avoid this, you can use IP management software to help keep track of your portfolio and mitigate this challenge, so your IP portfolio is always active and up to date. 

Protecting your data

Although some of your IP materials might be stored on-site, much of your data will be cloud or server-based. That being the case, you’ll need to ensure you have servers that can protect your IP and keep it from falling into the wrong hands. Capitalism is based on competition, so you want to keep your IP as secure as possible. 

Licensing wisely

Data only has value if it’s put to use. Many companies will license their data to third parties. You’ll need to focus heavily on digital rights management. DRM will allow you to set clear limits and boundaries on how companies can use your data to keep it safe.

Creating a robust portfolio

As an innovative body, you’ll always look to the future. You’ll envision what your products can become and how they’ll help you expand your company’s offerings. 

Expanding your offerings will require you to take a hard look at your product’s potential to facilitate something new. Innovation management in the form of an IP portfolio can keep you ahead of your competitors and on the edge of innovation. 

Managing your trade secrets

Many companies who innovate consistently have proprietary company knowledge known as trade secrets, which can include the knowledge your staff holds and any AI your company uses. To keep your IP secure, you’ll need to identify and separate trade secret data from shared data. Then, your goal should be to keep it under lock and key.

Budgeting for IP development

A significant struggle with IP development is its cost. In many cases, such as developing a portfolio, justifying the cost of not producing a product can hinder other areas of your organization. 

Your IP and other intangible assets will ultimately help your company grow. However, you should always analyze your IP to ensure it isn’t becoming obsolete or unprofitable. If it is, it might be time to set it aside.

Wrapping up

Intellectual property is often the lifeblood of many businesses. Innovation allows organizations to succeed, so you must protect yours at all costs. Knowing what problems might arise with IP management will help you prefer your company for a strong future. That’s what IP is all about.