Securing a patent is only step one. Strategizing your intellectual property will enable you to support your business objectives. Bereskin & Parr LLP visited Altitude Accelerator and gave a talk about the benefits of having a strong IP Strategy through two case studies, GoPro and NEST. Here’s a list of considerations that will help you determine your next steps.
Why Should I be Thinking About IP Strategy?
Securing a patent should not be a tick on your list of things, rather it should be a tool to get you to where you want to be. When securing a patent, think about its purpose. Is it part of a longer-term plan to support more acquisition or are you planning to license your IP?
Your purpose may include investment, licensing, sales or protecting your competitive edge!
A Strategy Helps You Remain Competitive in The Market
Take GoPro for instance. They were relatively less pro-active at securing their patents earlier on. This allowed competitors to swoop in and they lost out on a potential monopoly. However, their lack of IP did not stop them from developing a strategy as this weakness became more apparent. They pivoted and looked to capitalize, not on the action camera market they were in, but rather on the community that had formed around their brand. They focused more on creating an IP strategy around branding and copyright.
NEST Labs on the other hand took a very proactive approach to building their IP through design and utility patents. Their roadblock came in the form of a patent troll – Intellectual Ventures. To take advantage of this unfortunate circumstance, they created a strategy around IP acquisitions, licensing and acquiring patents back from Intellectual Ventures. This strengthened and diversified their portfolio,
Bereskin & Parr’s 2020 tips on IP Strategy
1. Evaluate your strategy as your business goals evolve
Your IP is a tool for you to achieve your objectives. Check its alignment as you reach milestones.
2. Consider commercializing your IP
Whether that’s through licensing or sale. Make sure you have a purpose for your IP.
3. Future-proof your strategy
Consider your environment and what’s next for your business
4. Check out resources available
Government support, utilizing your ‘patent box,’ companies/banks offering funding and even our partner BDC.
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