Maximising your IP assets
As businesses grow, decisions regarding future direction are essential. The role of IP in this decision-making process can be crucial. However, as an IP portfolio grows with a business, managing key decisions with regard to the future of a company’s IP, and the implications of such decisions on the development of the business, can be very difficult. This is particularly true where a company’s IP holdings are spread over a number of different IP asset categories, cover a range of product and/or service areas, and are spread over multiple countries and markets.
Our team works with a range of different organisations to assist this decision-making process, particularly with assisting management teams to consider the implications of ranges of options available to them. Our professionals have significant experience in the creation and management of IP and can bring a unique commercial IP perspective to a decision process.
We also have significant experience in developing formal IP policies and related documents that many companies need in order to underpin the IP strategy that is adopted to support their broader business strategy. Our skilled personnel are acutely aware that no ‘standard’ IP policy will suit every situation and can help develop a policy specific to an organisation’s needs and business goals.
Intellectual Asset Governance
With a range of changing commercial factors impacting on the sustainable competitive advantage that businesses used to possess, more and more companies are coming to recognise the importance that their IP assets represent to their business. These changing commercial factors include significant advances in technological development and manufacturing processes, the ever-increasing mobility of workforces, and heightened competition in many industries due to the diminishing effects of distance and time-zones. Where historically the value of a company was tied up in its buildings, plant and stock, it is now acknowledged that intellectual property (or intangible assets) can comprise anywhere from 50%-85% of an organisation’s capital value.
It is imperative then that these intangible assets are managed with the same degree of diligence and concern that is afforded physical assets, such as land, plant and equipment. However, whilst management should be delegated the operational responsibility for managing intellectual property and reporting to the Board, it is up to Company Directors to ensure that the proper governance frameworks are in place to manage valuable assets.
Wrays professionals have significant experience working with Directors at Board level and with management teams to establish and implement frameworks for the proper management of non-physical assets. It goes without saying that best practice management of non-physical assets will increase the chance of a business maximising its return on investment for these valuable assets.
We help organisations to enhance their IP creation capacity, optimising the extent and quality of their IP portfolio, and managing and leveraging that portfolio for enhanced company performance and revenue streams.
Commercialisation and technology transfer activities can often be littered with a range of IP issues that need to be addressed. Receiving the right advice at the right time when seeking to extract value from IP assets can often be the difference between a successful or forgettable transaction.
Our team are able to bring their significant experience to bear when companies may be seeking guidance and advice to traverse a variety of unique IP matters during commercialisation endeavours. Such matters may include due diligence activities around a third party entity and its IP assets, assistance with freedom to operate reviews when seeking to enter new markets, and reviewing or implementing IP practices and procedures to underpin a particular commercialisation strategy.
Knowing when to embark on certain activities, who to turn to, and being able to advise what to expect and what the cost will be to a business can also be invaluable when seeking to take a product to market. Such activities may for example include understanding what is involved in having a certain tranche of IP valued, assistance with brokering part of an IP portfolio, or managing IP and technology disclosure aspects as part of collaborative product development activities. Having established a significant network of contacts and assisted a range of organisations with their commercialisation endeavours, Wrays can work with management teams to map out and work through a variety of IP issues along the road to successful IP or product commercialisation.