Doing the basics right | Winning the Knowledge Game. Smarter Learning for Business Excellence

As you would expect, this field of law and business commerce is not short on advice. A lot of it is free, while much is on a fee-for-service basis. It is essential that you tap into this help and go about the process in the right way.

Of course, reaping the benefits of your IP protection requires careful thinking, the right level of secrecy and applying many of the skills we have already discussed. So what are the basics you need to consider? Using the abundant resources of organizations throughout the world, I have drafted eleven principles which will help you protect your IP:

Start by beginning a detailed audit and recording of the intellectual property you own and its value. You may need external help to do this properly. It some businesses this may be part of the annual planning cycle. Then, before starting any new registration of IP, first consider the relevance of the know-how to your business. Any idea for the protection of IP needs to be of business value otherwise it will not attract the investment and backing you will need. Will the intellectual property steer you in the business direction you desire ? Other questions could include: does the propriety knowledge fit the core technology, know-how or capability of the business? What type of professional, logistical and financial support will you need to make it work? Will you be able to support it with the required time and effort?
Creating IP does not mean you will automatically own the rights to it! You must take up formal registration if you want the legal rights and benefits of being an owner. In the case of copyright and circuit layout rights, your rights are automatic if you are the author or creator. You must apply individually to each country of interest; you cannot get blanket worldwide coverage. Be very clear about your intentions and business plan as you do not want to fall into the trap of unnecessarily running up a huge bill and becoming involved in an administrative nightmare. In most countries you can now get a provisional patent for twelve months for a nominal fee that gives you the breathing space to do some of the homework before the formal patent application process begins. This will allow you the chance to explore the right portfolio of protection. In the case of formal lodgement process it normally takes two to three years if everything goes smoothly but much longer if the application needs clarification or proving.
Where possible, avoid talking about your IP until it is registered. Timing is everything. Make sure that your marketing and business dealings do not allow your idea to be stolen and registered in another country before you have had the first chance to use it. Careful planning and smart publicity is vitally important. Most important of all, think big before you go public. You also need to have the right level of security on such services as web sites to reduce the likelihood of vital knowledge getting into the wrong hands. If you are not taking protection seriously you may diminish your legal rights at a later time. You will need to be clear of what you can share and what you should own. Remember that being first to the market is only an initial advantage. If you register the right trademark and design in the right way with the right authority, you have the capacity to reap higher rewards. It also helps if you keep a step-by-step witnessed record from the birth of the idea until the time the idea receives formal registration. A useful tip when you come up with an idea is to mail it to yourself or record it in a self-addressed envelope and do not open it when you receive it. This then becomes proof of when you came up with the idea.
Where you need to use business relationships or a joint venture to manage the IP process it must be based on honesty and transparency. Look beyond just the legality of the arrangement to whether you will be able to work together in business. Be upfront with your joint venture partners , fellow inventors and employees . That way you are better able to determine whether there is a good fit to the cycle of innovation. Establish clear guidelines on how the relationship will be managed and audited . Secure commitment with non-disclosure agreements.
Unlike tangible assets such as plant and equipment, IP can increase in value. Look at your financial reporting and list your registered rights, trade secrets and branding, and place a monetary value on them. Make sure your staff and business partners understand the reason why the IP strategy is important and why such knowledge is worth protecting. Conversely be prepared to toss out IP which is no longer serving any purpose. Develop an infringement policy if parties break confidentiality or they infringe your legal rights. Again seek the advice of an IP expert if you are in any doubt.
Be clear about whether your idea meets the criteria of being a trademark, a patent or a design. Make sure you use the on-line search facilities that exist in most Intellectual Property Registration Offices. Some skilled inventors prepare their own applications, but employing the services of a registered attorney or IP expert can develop a stronger proposal. Make sure your formal document process ensures that all the correct information is collected and secured. Needless to say, shredding or erasing damming and/or vital evidence is a big mistake and could hurt your legal status at a later date.
Carry out an advanced and detailed search of existing IP. You have to be careful you are not infringing the legal rights of others. To do this you may need to hire a legal practitioner or a search firm to undertake the in-depth analysis and preparation required. An interesting fact is that you can now access a worldwide database of over 30 million patent documents. This is a powerful source for studying technical trends and competitive intelligence. If you deem it necessary, you can choose to challenge the upcoming grant of IP rights to another party if you believe it is unlawful . If a patent is challenged, the patent is normally presumed to be valid and the burden of proof is on the challenger. In addition, you might wish to explore a host of private providers that help business keep a track of IP approvals and industry-specific research. Two examples of web sites that offer services in this area are www.delphion.com and www.nerac.com.
Having done all the hard work and registered your IP you then need to take every chance to market your know-how. The more you promote and market, the more the benefits will blossom, particularly if your customers, suppliers and manufacturers see it as of high value. Even the best ideas can be overtaken if you do not have well-organized marketing and innovation campaigns .
Use your rights smartly. You can choose to assign or license your IP to another party. This would normally be done if you do not have the time, funding or desire to develop and market the idea. There are a host of providers who could assist you to find a good deal. As in any industry, there are sharks in the marketplace who are very keen to take your money. So be very careful! Make sure you undertake reference checks before you proceed into any formal agreements. This will be discussed further in the last section of this chapter.
It is very easy to become paralysed by the excitement of your idea. I know this as an author. You need to keep your feet firmly on the ground, be a little detached and ask who is going to get the business benefit of this idea. Some ideas may sound good in theory but may not work in practice. So, be courageous and mature enough to do an independent market assessment.
Finally, a business needs to accept that even the best idea will be superseded. What was a great idea three months ago may not be so now. You must be studious about protecting your IP but not become subsumed by it. What is more important is that you have a healthy capacity to review your IP. Making sure you are getting the credit you deserve, anticipate and manage the risk and maintain the right flow of knowledge to ensure you grow your competitive advantage.