Internal Audit: Assess what benefits your IP can provide you
Questions to Consider:
- Is it clear who owns the IP?
- Are there any restrictions (including geographical) on who can use it?
- Were others involved in the creation of the IP?
- Which regions are you seeking protection in?
External Audit: Identify your competitors’ IP and their developments in the market
Questions to Consider:
- Can your creation be protected?
- Does your IP infringe on others rights?
- Are your registered trademarks, or the trademarks you intend to use, similar to your manufacturer or competitors?
- Does your competitor have an aging patent portfolio?
Analyzing Your Findings: Analyze your findings and determine gaps and opportunities in how you can use your IP to achieve your business goals
Questions to Consider:
- Instead of a patent, is a trade secret better?
- Is the cost of patent protection worth it if my product will have a short life span?
- Can you develop IP internally or externally?
- Do you have sufficient IP to achieve your business needs?
Developing Your Strategy:
- Defensive (reducing the risk of litigation or a lawsuit)
- Offensive (deterring others from infringing your IP rights)
Questions to Consider:
- How do I want to use my IP?
- What strategy aligns with my business plan?
- Will you license the rights to others?