Senior management must know what intellectual property the business owns to drive value from it.
Most senior management will be able to list trademarks, patents and some copyright, but how about all the other intangible things to give your company a competitive advantage?
I am talking about things such as trade secrets, customer lists, know how, proprietary data, supplier agreements, digital brand equity, software code, etc.
If the business does not value this intellectual property, then nobody else will.
If a business hasn't captured these aspects of its intellectual property, then it probably isn't protecting them nor deriving value from them.
Why does this matter?
Well quite simply if you don't know what you've got and you're not managing it there is every chance that is it is leaking or being misappropriated, either inadvertently or deliberately.
Photo courtesy of Joe Zlomek on Unsplash
The intellectual property in any business is far more than just the headline registered intellectual property rights.
Think of IP as anything your company knows that gives it a competitive advantage i.e. anything that you would want to keep secret from your competition and /or prevent them from copying.
Follow me tomorrow to learn the 10 Steps to good IP management to prevent IP value leakage
Protecting your business Intellectual Property
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Author: John Pryor Exalt IP