With the globalisation of economy and the rise of information and communication technologies, intangible assets such as intellectual property have gradually become keys for the long-term financial success and competitiveness of companies. However, in order to extract the full value of intellectual property, it should be maintained, audited, monitored and managed properly. Thus, a carefully developed strategy about the company’s intellectual property becomes a mandatory part of every management process. Such an effective strategy can allow a business to:

  • Protect its identity, ideas, inventions and artistic work from imitation by competitors;
  • Maintain competitive advantage and secure its long-term market dominance;
  • Avoid legal disputes and expensive litigation in terms of infringement of foreign intellectual property rights;
  • Gain recognition, build a firm identity and form emotional bonds with customers and business partners through industrial design and trademarks;
  • Gain additional revenue from the commercialization of intellectual property rights – licensing, transfers, franchise agreements, etc.;
  • Increase its commercial value by adding valuable intellectual property in its portfolio;
  • Build more easily beneficial business partnerships in the form of research and development consortia, patent pools, cross-licensing agreements, in and out-licensing, mergers, etc.;
  • Spot useful external knowledge and ideas and transfer them into the internal research and development process (in-licensing, know-how, open-source and open-data information, etc.);
  • Control geographical markets through intellectual property rights (patents, trademarks, etc.);
  • Create new markets and control the technological progress in whole industries.

According to the WIPO, the most basic Intellectual Property Strategy would include at least the following four elements:

  • Intellectual Property Acquisition Policy,
  • Intellectual Property Exploitation Policy,
  • Policy on Intellectual Property Monitoring, and
  • Policy on Intellectual Property Enforcement.