Jackie Maguire, CEO Coller IP and Co-chair of INTIPSA talks to the UK Science Park Association about turning "Innovation into Success" in science parks, innovation centres, incubators and research parks.
Meeting an Emerging Need
Intellectual assets – which include aspects such as brands and corporate know-how – are something that all businesses should be concerned about, not just technology companies holding patents. With knowledge and information now major drivers of the global economy, more and more companies are coming to recognise the management of IP as a function distinct from day-to-day IP protection. They also appreciate the strategic role of IP and other intangibles in building and maintaining competitive advantage. From multinationals to start-ups, companies in all countries and sectors are focusing on the role of intellectual property in building business value.
In the Board Rooms of today's progressive companies, CEOs and CFO's are now elevating Intellectual Property to the Board Agenda recognising its importance as a major business asset. With Intellectual Property often representing the lion's share of intangible assets, which in turn typically represent 80% of the market value, there is much at stake for the Board to consider. Developing a good IP Strategy is therefore an important part of any Business Plan and requires a combination of skills and experience covering technical, commercial and legal disciplines. IP Strategists provide the insight required.
IP strategists are found in a wide variety of roles, such as CIPOs, CTOs, and VPs for research in corporates and start-ups, as well as in-house IP counsels. This area is also of interest to professional and advisory services, including strategy consultants, IP attorneys and IP lawyers, specialist brokers & valuers, venture capitalists, and corporate and angel investors.
INTIPSA aims to raise awareness of the value of IP strategy in business; allow professionals to improve their knowledge and skills; and promote excellence and professionalism within the IP strategy community. It also provides an important international marketplace for IP strategy services."
How to make progress
Resources and an information hub on multiple aspects of IP Strategy can be found on INTIPSA's website (www.intipsa.com) and regular webinars provide training for members and non-members. But how can evolving companies start to develop their IP Strategy and engage with experts operating in the field?
The first step might be to undertake a thorough audit. A company's real value is far more than simply filing patents, and perhaps registering trade marks and designs. It also in its wider intangible assets which include so-called know-how as well as branding, skills, policies, creative works and processes. Identification of all the valuable intangible assets in a company can be done internally or by calling in outside specialists to undertake an audit and landscaping exercise.
Next, a company needs to ensure that protection is as watertight as possible. In addition to having the right patents and trademarks in place an organisation needs to ensure, for example, that its commercial and competitive position is protected, by taking steps to ensure that employees can't leak ideas that have been created within the organisation to a competitor.
And then there are the important steps relating to commercialisation and exploitation. IP Advisory firms have developed Commercialisation and Management Processes that allows clients to understand the value of their intangible assets and to assess and track the commercial potential of their products and services at different stages of development. In addition, the processes can prompt decisions on how and whether to protect the underlying assets. A good IP Advisor will not just help a business with the legal protection, it will actively help in the commercialisation process of the ideas behind the goods or services that the company is selling by helping the organisation to realise the value of all the different aspects of the IP.
Last but not least, for anyone looking to attract funding, getting the IP in order is essential. Many venture capitalists/angel investors will be considering a range of IP factors when making their decision whether or not to invest. Knowing the value of your IP or which parts of your IP are more valuable than others is essential when making decisions about what parts of the business to develop, and when considering applying for funding or contemplating a sale. Putting the right IP protection in place is a vital part of the commercial strategy for a company, whether it is a start-up, or growing or established business and its investors.
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