With Chinese New Year on February 5, 2019 heralding in the Year of the Pig – an animal that symbolises good fortune and wealth – it is an opportune time for IP-rich companies to focus on ways to build and retain their corporate value.
For although the Pig may represent wealth, a common trait for many born under this Chinese Zodiac sign is to be too trusting or gullible – and prone to letting wealth slip from their hands.
With 80 per cent of the value or wealth of corporations now in intangible assets, primarily intellectual property, it is essential that companies are able to build, protect and maintain these assets while seeking to maximise their value to the business. Companies need to safeguard their wealth of knowledge and expertise from competitors and infringers, who would seek to take advantage of any lapse in the management of their most valued IP assets.
Vincent Brault, Senior Vice President, Product & Innovation at Anaqua, a leading provider of IP management software and services, said: “In today’s highly competitive, knowledge-based economy, IP is playing an increasingly pivotal role in business strategy and growth. More than ever before, companies are relying heavily on their IP teams’ technology expertise, competitive research and analysis, and product development counselling to drive the business forward. However, evaluating a corporation’s IP portfolio – together with all the market research and analysis that entails – must produce actionable insights. But that is easier said than done.”
A new white paper from Anaqua looks at five critical considerations the C-suite should assess in developing an effective IP strategy for their business, namely:
- Innovation Support – streamlining market research & innovation submission
- Prosecution Optimisation – engineering better patents
- Enhanced Portfolio Management – evolution beyond docketing
- Licensing & Monetisation – leveraging the business’s most valuable assets
- Cost Effective Foreign Filing – strategically positioning the company’s portfolio.
Further details of these important insights and the key actions to be undertaken can be found in the white paper.
Added Brault: “IP management is an exceptionally complex and detailed process that includes a myriad of different research avenues, prosecution processes, and long-term asset management procedures.
“Staying on top of the five critical IP strategy considerations, along with the different workflows and data (both internal and external) that are required, is a challenging endeavour for even the most sophisticated organisations. Ensuring that each stakeholder – from docketing staff to the C-suite – have the right tools, delivering the right data in the right format at the right time is essential in making IP decisions that truly grow the business and build and protect its value.”
In this way, innovative companies can fly high in the Year of the Pig, bringing greater wealth and prosperity to the business.