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How to Manage the Intellectual Property Rights of Your Business
Intellectual Property Rights of Your Business
The most important aspect of intellectual property management is that it goes beyond getting a formal document from the local intellectual property office. Merely having trademarks or patents won’t protect the IP rights, unless these rights are properly used. In many cases, the IP might not depend on a simple formal registration but it would require much more secure protection. One safety measure is to have a confidentiality agreement.
Development of an Intellectual Property Strategy
It’s important for any business to take measures for creating a strategy that would develop and promote the intellectual property but keep it safe from theft and replication by competitors. The strategy for intellectual property must be aligned with the overall organizational strategy.
Company Policy on Exploitation of Intellectual Property
Products and services must be protected by different types of IP agreements that are aimed at protecting the different aspects of a service or product. The company policy must have laws and bylaws, which prevent theft or replication of their intellectual property. It is crucial for companies to assess the cost and benefits of every aspect of IP.Acquisition of Intellectual Property Rights
Today, the markets have become more competitive than ever, standardization has led to the creation of many products and services that have similar IPs. The patent acquisition must be filed for providing protection for the company’s IP. Some businesses prefer to commercialize their intellectual property rights. The acquisition policy usually determines, how the company can maintain their IP assets efficiently.Valuation of Intellectual Property Rights
The valuation of IP depends on the wide range of element - the core factor of the time, purpose and context along with the application of the valuation. Market research indicates that the research and professional advice from experts will determine better valuation for the IP of your business. It is important for companies to understand the assets currently held by them. This would improve decision making in determining the future investment and development.
Contracts for Intellectual Property
Contracts help determine the true ownership of the IP, whenever two parties enter into a contract with each other. Any such contract that promotes mergers must clearly identify each IP for every company. For example, if a company enters into a contract to develop software for customers, make sure that the agreement has clear specifications about the exploitation and use of IP rights.
© 2018 Pritesh Jarodiya