5 Tips From a Lawyer on Managing Your IP
Emily Young
Your intellectual property (IP) is an asset, and like all other assets of your business, you must manage it properly to get the most out of it. Identifying and protecting your IP is only the first step in the life-cycle of your IP. There are a number of different approaches or methods you can take to manage your IP, depending on the size and nature of your business. This article will take you through five tips for managing your IP.
1. Create a Strategy
Once you know what your IP assets are and have protected them, you should create a strategy for the continued protection of your IP. An IP policy keeps track of your IP and puts procedures in place for monitoring, revising and reporting on your IP. An IP policy can help prevent any confusion about the management systems in place. A good IP policy will provide structure and timelines for your IP management and make it easier to access and share information about your IP.
2. Monitor Your IP
Regular monitoring of your IP is a crucial part of your IP management. Monitoring your IP includes regularly checking for unauthorised use. If you detect any unauthorised use of your IP, you can take action before somebody does too much damage to your brand.
As well as monitoring your IP externally, you should also regularly monitor your IP internally. Use confidentiality notices to ensure all staff know what information is confidential so that you can protect your IP information. Monitoring your IP also includes checking that your registration is up to date and that your IP is not expired or near expiration.
3. Revise Your IP
Revising your IP regularly is an important step in IP management. Regularly assessing whether you should continue maintaining your IP protection can save you from unnecessarily using IP maintenance resources. Revising your IP is also a great way to check for gaps in your IP, allowing you to identify where new IP registration or protection might be useful. Keep in mind that if you are not using your IP and it is draining your resources unnecessarily, you can licence it to another company.
4. Report on Your IP Management
Creating reports on your IP management provides your business with a framework to assess the effectiveness of your IP management system. Things to include in your IP management report are:
- an evaluation of your business’ current IP management system;
- a breakdown of your IP management costs;
- changes to your IP;
- infringement on your IP; and
- your infringement on others’ IP.
5. Implement IP Management Software
For big businesses with large amounts of IP, management software is a great way to make your IP management easier. You can either purchase IP management software or utilise existing software your business already uses. IP management software can make it easier to manage all aspects of your IP, including:
- monitoring;
- revising; and
- reporting.
IP management tools can also track important dates such as IP renewal dates and disputes regarding your IP.
Key Takeaways
Your IP is the most important asset of your business, and managing it is just as important as identifying and registering it. Some key things to consider when managing your IP are:
- how you are going to monitor your IP;
- how often you will revise your IP;
- what your IP policy will look like;
- how you will report on your IP management; and
- how you are going to track your IP management processes.
If you need further assistance with protecting your intellectual property or need trade mark legal assistance, our experienced trade mark lawyers can assist. Call us on 1300 657 423 or complete the form on this page.
Frequently Asked Questions
IP management refers to the systems that identify, protect and monitor your business’ IP. Identifying and protecting your IP is only the first step in the life of your IP. Everything that comes after is part of IP management.
Managing your IP is an integral part of your IP’s lifecycle. Maintaining effective systems to monitor, revise, and report on your IP is important to ensure your IP is adequately protected and put to good use. IP management can also help prevent you from infringing on the IP of others.
IP management should occur throughout the entire IP process, from the time of creation to the end of your IP’s life. Taking steps early to create appropriate IP management systems, such as an IP policy or strategy, can save you a lot of time and resources in the long run.