To many people and businesses, the value of intellectual property can seem difficult to grasp. Everybody knows that I.P. can be profitable but, with something so inherently intangible, it may seem difficult to know how much to focus on it. Not only this but with various different types of intellectual property which protect different forms of creations, it may seem difficult to extract this value.
And this problem is not just confined to individuals or SMEs. In fact, Aistemos, a data science and intellectual property firm, has recently published a report in which they state that many large companies are struggling to make the most of their I.P. They go on to survey some of the most innovative companies to find the best way of extracting value from intellectual property.
Demystifying the intellectual property jargon
The report cites that one of the most effective ways to increase exploitation of the huge value of intellectual property is a better understanding of the language that surrounds and pervades it. To owners and those on the commercial teams of businesses, the world of I.P. can often seem to be tied up with complex jargon. At Albright IP, we understand this and so always try to untangle this language in order to present any information to our clients in as clear and as straightforward way as possible.
A better and more systematic appreciation of the importance of I.P at the top of the company was also suggested by the selection of innovators. 65% of those who responded said that companies should appoint a high-level executive tasked exclusively with intellectual property management; a chief intellectual property officer (CIPO). This would help to bring all the aspects of I.P., like trademarks, patents and designs, under one control, and help form an effective and more focused strategy going forward.
Even if your business can’t afford to hire a CIPO, a focus on I.P. is key to success. A recent study by MIT found that start-ups that file a trademark in their first year have a 500% increase in the probability of growth, and that those who file a patent have a 3500% increase. In light of this, can you really afford to neglect intellectual property?