Why You Should Optimize Your Intellectual Property
From Additional Revenue to Competitive Advantage
For many businesses, it’s a challenge to know which opportunities to take and which to put on hold. One of the biggest pitfalls is to overlook essential ways to capitalize on your intellectual property assets.
Most companies invest a lot of time, money, and effort into product development, but they don’t always realize that there may be something within their intellectual property that can be a competitive advantage. Vivid IP’s attorneys have an extensive background in IP protection, and it’s our mission to show clients how to leverage ideas they already own for additional opportunity.
Here are a few places to start when it comes to optimizing your IP:
Know What’s in Your IP Portfolio
When it comes to leveraging IP assets, it’s important to contextualize what you have to offer. It’s a huge benefit to know where each piece of your IP fits into your larger brand. You should also know what level of protection is in effect across your portfolio; there may be several assets that you own that aren’t yet protected.
This is why it’s important to have a qualified, experienced attorney review your portfolio. They’ll be able to spot the areas that may yield further opportunities, need a better level of security, or pose an issue for the company later on.
Know What the Competition is Doing
Staying in tune with what your competition is trying to accomplish should be a part of your long-term strategy. What you do with your existing and developing IP may largely depend on the insights you gain from watching your industry evolve.
Are they leveraging their intellectual property in a unique way? Could you do something similar to remain competitive?
Our team knows the process of competitor analysis, and we’re excited to put our experience to work for your company.
Know Your Strengths & Weaknesses
Hand-in-hand with knowing your portfolio is knowing its value – where it excels, and where it may be falling short. Our team uses what’s called a SWOT analysis – that’s Strength, Weakness, Opportunity, and Threat Analysis – to take a sophisticated look at what you’re doing well, and where you could improve in terms of your IP strategy.
Integral to this process is finding an IP law expert you can trust to be honest and encouraging. We take attorney-client relationships seriously, and our instinct is to protect your IP as if it’s our own.
Know Where Tech is Going
Most brands live and die by how well they adapt along with technology, so keeping an eye on where tech is headed is a critical component to maintaining your edge.
The technology sector is an extremely competitive industry. Innovators are developing ideas in an environment that moves so quickly that the next big thing might emerge the very next day—and it may be very similar to your own project.
With tech becoming more and more litigious over the past two decades, it’s especially important for companies that develop technology to know whether or not their work may stand to infringe upon another company’s IP.
Make Sure You’re Getting Everything You Can
Intellectual property provides for infinite possibilities—the trick is to navigate them as swiftly and smartly as possible. Monetizing your IP portfolio might be challenging, but it can greatly benefit your company.
How can we make IP optimization happen for you? Drop us a line, and let’s set up a consultation to learn more about your needs.