IP Assets
Once you have identified where the value in your business lies, the next step is understanding the assets that underpin that value.
So you’ve identified the value in your business. Next, you need to work out what assets underpin that value. For example, if your main revenue stream comes from app sales, a key asset is likely to be the app or software itself. However, a systematic approach is required here as there may be other key assets to consider. This could include the design of the user interface, other design features, technical information, knowhow, commercial information, data, brand and creative work. This is where working with an experienced IP attorney can help as you may not have identified all of these features but they are all potentially key IP assets that need protecting.
A key asset to note is brand. While an early stage start up may not recognise their brand as an IP asset, brand can quickly become a very important asset upon which your reputation is built from. Identifying these key assets early on, and reviewing them regularly, is an important part of a good IP strategy.
Best Practices
So you’ve written a list of your IP assets - what do you do with them now? An essential part of IP is good documentation. Keeping an up to date IP asset register is vital to your ongoing IP protection. To help avoid any IP risks later down the road, your IP register should be regularly reviewed. How this looks depends a lot on your business, assets and goals. This could be as simple as including IP as an agenda item on your monthly board meeting. However it is done, IP should be incorporated into your normal business process and not be seen as a one off exercise. Companies should regularly assess whether any new IP has been generated that may need protecting. Examples could include a new product name or a new design. Regularly for some businesses might mean once a year, for others that are developing and growing very rapidly, this might be more regular.
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