Your IP is too important not to be done properly What are the 5 most common Mistakes made in IP?
1. Having no IP Budget
Did you know?
- IP spend can be a top 5 spend for small companies
- Hiding IP spend in Legal or R&D budgets leads to conflicts
- IP spend can and should be budgeted
- Having an IP budget is first step to managing costs effectively
- Appropriate IP budget is the goal
2. Not aligning IP & Business
Have you considered that?
- IPRs are business tools to support business strategy
- Identify where IPR adds value
- Focus on most appropriate IPR for business
- Focus on future value vs. current value
- Helps manage IP spend
- Prioritise what is important vs, nice to have
3. Inappropriate spending on IP
Could this be you?
- Wrong type of IP
- Too little is as bad as too much
- Manage increase as much as decrease
- Maintaining IP beyond contribution to value
- Prioritising acquisition of IPR over advice & internal structure
4. Having the wrong Advisers
Do you need to revisit?
- Not aligned with business objectives
- Inherited with business/technology
- Selected for location, low cost
- Alternatives not considered
- Can advisers easily explain how they add value?
- How do advisers look to investors?
- Reluctance to change
5. Having no Management Responsibility
Are there changes you need to make?
- IP manager not one of the main business managers
- IP not managed as part of job, but something extra
- IP ownership by management
- IP data not presented to allow management to manage
To discuss your
IP needs, get in touch with Wynne-Jones IP
t: +44 (0) 1242 267 600