A step-by-step IP Strategy Checklist for SMEs
Along with having a business plan, every innovative company should have an intellectual property (IP) strategy. Developing an IP strategy is not a one-time event. An IP strategy will evolve with a company’s business goals and should be reviewed regularly.
What is an IP strategy
An Intellectual Property strategy is a company’s plan of action to manage and protect its intangible assets.
To assist in developing and refining a company’s IP strategy, this IP checklist is provided as a non-exhaustive list of questions and possible actions to be considered and taken throughout a company’s commercialization lifecycle. The checklist applies equally to products and/or services across a spectrum of technologies.
IP Strategy Checklist
The list helps to prevent the most common pitfalls start-ups encounter. The IP strategy checklist is by no means all-inclusive. Many factors may influence its relevance to a particular company, depending on the jurisdiction, state and nature of the technology or innovation developed, targeted markets, competitive landscape, etc.
Every business will have unique business challenges that necessitates a tailored IP strategy. While it may be helpful to supplement advice from an IP professional, this IP checklist is not intended and will not replace securing competent expert advice from IP lawyers or patent and trademark attorneys. This checklist also does not constitute legal advice.
The checklist is divided into four (4) parts that reflect the general stages of commercialisation:
1. Ideation process
Generating and developing ideas
2. Product and service development
Commercial and market analysis
3. IP protection
4. IP commercialization