What Does it Take to Develop
and Monetize Your IP?

IP News and Information

Have you taken a close look at your intellectual property lately? Does your company have a large portfolio covering a wide range of technologies? Perhaps you have just a single patent or less than five. Innovation is one of the great drivers of the knowledge economy and that innovation is protected by intellectual property rights, whether they be patents, trademarks or copyrights. While most companies develop new ideas and technologies not all companies take the necessary steps to protect them. Even still, some companies obtain their IP rights but never do anything with those rights after they are granted. “The key to a successful IP portfolio is to continually develop it while at the same time leveraging it properly through effective monetization,” says IPTrader president Arlen Olsen. So how is that done?

You Must Develop IP

Obviously, the first step is to develop your IP. How can one do this? There are several ways to develop an IP portfolio but typically companies either create their own IP internally or they acquire IP from other parties after it has been developed. Both of these options are viable resources for developing a strong IP portfolio. Once you have acquired IP rights your goal is to create value with those rights. In order for your IP to truly have value it needs to provide some kind of advantage over the other available options. Does it solve a problem, or does it make a current process easier? If your IP can help improve something and at the same time create new revenue streams then it truly has value.

Don’t Overlook What You Already Have

In many cases companies get caught in the trap of always looking for the next big thing, instead of focusing on what they already have. Of course, companies should never stop looking to innovate but sometimes they can overlook valuable IP assets that they already have because they are too focused on coming up with something new. You need to make sure you leverage the IP you already have. If you have IP that is just sitting idled, then it might be a good time to offload it to someone else. This could bring you additional streams of revenue that you never expected. In addition, the world is always evolving and new trends start every day. Closely examine your current IP and see if fills a need that wasn’t previously known. You might have a valuable asset sitting right under your nose.

Partnership IP

Another important aspect of leveraging IP is to consider the IP of the companies you already use or partner with. Do these companies have IP that could be valuable to your portfolio and thus your bottom line? Chances are some of these companies could have IP that would fit nicely with your goals and strategies. In that case, it’s probably a good idea to enter discussions about acquiring those rights. Meanwhile, you also need to do your due diligence and make sure that those companies aren’t using rights that belong to someone else. If you want your IP to create and maintain value then you need to continue to develop it and monetize it s effectively as you can.