The key elements of an IP strategy are:

• Legal measures, such as the registration of IP rights, regular searches for patents, trade marks or designs in IP databases, as well as frequent market checks, and signing of non-disclosure agreements (NDAs) with providers or other business partners.

• Organisational measures, such as the protection of confidential information within your business.

• Technical measures, such as using labels for your products that are difficult to counterfeit.

Why is an IP strategy important?

Intellectual property (IP) is a valuable company asset. To get the most out of it with an IP strategy, an organised plan for creating, managing, protecting and commercialising your IP assets. The benefits are clear, an IP strategy can help you to:

• gain control over your IP assets;
• extract value from existing products and services;
• create new revenue streams;
• raise capital;
• reduce costs;
• ensure legal compliance.

How to develop an IP strategy

Step 1: Identify your IP

Recognise the IP assets that you already own or are entitled to use and identify the IP assets that you may potentially create in the future when developing new projects, products, and services.

IP assets can include logos, slogans, articles, photos, social media content, software, technical inventions and designs, among others.

To identify your IP rights, you may use IP Scan service provided for SMEs and obtain up to 90% costs refund. An IP Scan connects you with an IP expert designated from a national IP office, who will work with you to review your business model, products/services, and growth plans. Together, you will identify what intangible assets to protect and how your IP can help support business growth. To learn more, please visit the IP Scan websites.

You can also consider independently engaging the services of an IP expert who can help you to identify the IP assets you already have created or those you may create and bets ways to protect them.  

See: What is IP?

Step 2: Assess your IP

Evaluate the worth and importance of your IP assets for your business. This would be impacted by the level of legal protection you have obtained, or can obtain, for a given IP asset, your competitive edge, and potential monetary returns. You should also consider any risks or challenges that may affect the value, validity or enforceability of your IP. 

Consider engaging the services of an IP valuation expert who can help you assess the monetary value of your IP assets.

Assessing your IP will help you prioritise your IP assets when allocating resources.

See: IP value

Step 3: Develop your IP strategy

Draw up an IP strategy that is aligned with your business objectives. Decide which of the identified IP assets you want to protect using the available legal means (e.g. registration of a trade mark with an IP office), and which you prefer to protect as trade secrets (See: IP confidentiality). You may also want to develop a roadmap of your IP assets, assigning different levels of priority.

Consider how you are planning to generate revenue from your IP assets (e.g., by licensing your IP). Analyse any potential risks or challenges, such as competitor’s IP assets that might conflict with your IP, potential infringements, or resources, and plan how to tackle them.

Your IP strategy should address organisational matters such as determining who will be directly responsible for overseeing the management of your IP assets and the allocation of responsibilities.

See: IP confidentiality

Step 4: Implement your IP strategy

Take the necessary steps to protect and leverage your IP assets. For instance, you may need to file a trade mark or patent application (See: IP registration explained), develop internal policies and procedures to protect trade secrets, negotiate licensing agreements with third parties, or engage the services of an IP monitoring company.

See: IP registration explained

Step 5: Review and update your IP strategy

The IP landscape is constantly evolving, and your business objectives may change over time. For this reason, your IP strategy should be regularly reassessed and updated if necessary.

If you are an SME and you need help in developing your IP strategy, consider applying for a voucher that can co-finance the IP Scan service. This is offered under the EUIPO’s SME Fund programme. An IP Scan connects you with an IP expert designated from a national IP office, who will work with you to review your business model, products/services, and growth plans. Together, you will identify what intangible assets to protect and how your IP can help support business growth. To learn more, please visit the SME Fund and IP Scan websites.