IPR is the abbreviation of Intellectual Property Rights. The concept mainly concerns patents, trademarks, copyrights, design rights and company names. As a company the importance of being able to survey and control intellectual property rights can not be exaggerated as part of a general business strategy.
The legislation concerning intellectual property rights serves different purposes. One important purpose of the legislation is to stimulate creative efforts. Another purpose is to provide companies and products with the possibility to distinguish themselves on the market. A third purpose is to protect invested time, money and knowledge as part of underlying intellectual efforts.
IPR Management affects the value of the company
Patents and trademarks represent an increasing share of companies’ assets. The globalisation of business has led to the harmonisation of intellectual property rights, e.g., within the EU. The value of a company’s intellectual property rights is largely determined by how well managed the IPR portfolio is. The management of these rights is called IPR Management. The concept covers everything from the company’s development of the product portfolio and the establishment of licensing and confidentiality agreements to the design of the image of the company that is conveyed to the outside world.
IPR Management is basically about managing intellectual property rights in a way that optimizes their value – and thus the value of the company.
The design of the individual company’s IPR Management is influenced by the focus of the business, geographic markets and competition in the industry. Common to all companies is the need for a structured management of intellectual property rights.
Treat your “IPR leaks”
IPR Management should be as natural as inventory management routines. In both cases, the purpose is to get an overview of the company’s own assets, in the present and in the longer term. However, IPR is not just about assets. Equally important is that the company gains insight into its possible shortcomings in the area.
IPR Management should be as natural as inventory management routines.
In this way, any “IPR leaks” can be sealed. A well-developed IPR Management also includes knowledge of the status of competitors in the field. In a world where intellectual property rights are gaining more and more space and importance, there is an increased risk that one’s own company will infringe on the rights of competitors, which often does not go unpunished.
Part of the business strategy
In the longer term, IPR Management, as a natural part of the company’s business strategy, forms the basis for both crucial decisions and business relationships with the outside world. A structured and comprehensive presentation of a company’s intellectual property rights is of great value in discussions about financing, mergers or divestments.
However, inability to present an overall picture of the company’s IPR portfolio, or ambiguities about intellectual property rights, is perceived as uncertainty. The same applies to assessments of the unlawful use of the company’s rights and claims of infringement by competitors. How these issues are dealt with is often decisive for the outcome of the negotiations.
One step ahead of the competition
Actively managing your company’s IPR portfolio is a resource-intensive work that must be carried out continuously. Therefore, it is important to use your own resources as efficiently as possible. With the help of goals and guidelines that have been formulated in other contexts, it is often possible to draw conclusions about which intellectual property rights the company needs. There are also a number of consultants who specialize in different components of IPR Management, such as PR agencies and law firms.
The business knowledge within the company can thus be supplemented with external expertise in law and technology, in a way that meets one’s own needs. This creates good conditions for your company to achieve the goal of a well-developed IPR Management: to stay one step ahead of the competition.
