Spring has come early this year to everybody’s excitement. We are all eager to work on our gardens so we can enjoy their beauty during the summer. Whether you are creating a new landscaping project from scratch or upgrading an older backyard, you need a good plan. It is exactly the same thing with your company’s intellectual property (IP) portfolio!
Even if you currently have no patents but have some unique technology, it is a good idea to map out your business direction and what your competition is doing so you can identify the key areas that require IP protection. Don’t just think short term; also speculate on the different long term directions your company could take and how these could influence your IP protection. This approach could save you a lot of money by avoiding unnecessary filings while ensuring that you protect yourself in key areas.
Mind mapping tools (such as the MindMap software from MindJet) are excellent ways to provide a visual representation of your IP landscape in collaboration with your technical team.
Remember, the most beautiful gardens don’t necessarily have the most flowers. They are the ones that were planned carefully from the beginning, thinking about the long term growth of each plant, their ideal location and how they interact with each other and the environment.
To harvest the full potential of your IP investment, you have to plan early and maintain the plan in synch with your business strategies and long term objectives.