Things Every Entrepreneur Include In A Startup IP Plan

Every startup company requires an intellectual property plan. Having decided to get an effective intellectual property plan, you need to think about what all you need to consider in the IP plan. There are a few essential things to be included in the plan.

Identify Your IP Team

The first goal of developing an intellectual property plan is to find out the names of which members to be listed in your intellectual property IP team. You need to make a group of internal personnel who are taking control of intellectual property (IP) issues. The inclusion of these members is very important for the proper execution of the IP plan.

Who are required to be included in your team?

Following members have to be included in the IP team.

A Chief IP Officer

He is the head who takes complete charge of the IP team. He is responsible for the entire IP of the firm. His role is crucial in the overall working and execution of IP.

Technical Team Member

The team has to have minimum one member of the product development team. By considering them as the technical team, it makes sure that the IP team will get valuable insight about the innovation pipeline.

Business Team Member

The IP team should have minimum one member who takes care of the business area of the company. It includes business-side employees that make sure that the IP team will always remain concentrated on the entire business goals of the company.

Outside IP Counsel

Beside your internal IP team, you also need to consider whether you should integrate outside IP counsel into your existing IP team or not. By adding counsel into your IP team will cost you more.

If you want to integrate it then ensure that the expense is not very high. When you integrate counsel then it makes sure that the entire IP team has sufficient legal knowledge that it requires. It will also permit your opted IP counsel to build institutional knowledge prior to the occurrence of any dispute.

Best ways to effectively harness Intellectual Capital of a company

To build efficient processes and systems that harness the performance of existing or future intellectual capital, there are certain things to consider in IP planning:

  • Identification of present holdings such as slogans, inventions, trade, names, etc.
  • Auditing the protection level of the present holdings
  • Deciding whether there is any requirement to file a trademark, copyright or patent for current holdings
  • Developing a process to find new intellectual property as soon as it gets developed
  • Develop a process to figure out whether to file a trademark or a patent for new inventions;
  • Build a process that reviews the state of IP holdings on regular periods and determines their continued or lack of value
  • Build a general IP enforcement plan
  • Creation of an IP plan to evaluate for infringement. Also, consider its enforcement on a periodic

To develop an IP plan is similar to any planning exercise. When you devote some time in developing it, you can minimize the time as well as the aggravation that you might come across in the future.

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