Business Strategy Compliance
The Business Strategy – It is the most important and valuable guideline a business has. Business strategy defines WHAT a company does and HOW it does it currently. More importantly, the Business Strategy defines what a company WILL do into the future.
Intellectual Property (IP) strategy provides necessary guidelines for managing IP. However, IP strategy is only a tool to ensure efficient implementation of the Business Strategy. IP Strategy should be compliant meaning that it will support and promote the Business Strategy.
Let’s take the example of a business that wants to compete in developing and marketing of a certain medical device in five national markets. The business model includes outsourced manufacturing, distribution by national vendors and possible exit in three to five years. The business operates as dispersed network of individuals across two continents (not correlating to the potential markets). This is the Business Strategy.
The IP strategy to support the Business Strategy would include definition of the appropriate IP tools, such as utility patents and/or design patents, trademarks, trade secrets, copyrights, definition of geographic protection – what should be filed and where and definition of patent the filing strategy – what to file and how (US Provisional, PCT, National Filings for example). It also will address such issues as multinational prosecution (how to respond to each Office Action), filing of consecutive applications, but also presumably non-IP related issues, such as employment and business contracts, proper documentation of R&D processes and management of press releases, regulatory submissions et cetera.
In order to provide an appropriate IP strategy an IP Audit should be performed. The IP Audit will review all the current business practices and projected future developments and revise them with an eye towards Business Strategy. Moreover, an IP Audit can include valuation of the company’s IP Portfolio, thus providing an accurate tool for measuring one of the most important company’s intangible assets.
Levin Consulting Group provides IP Audit services to ensure Business Strategy compliance across the entire organization.
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