Intellectual property management is that the act of managing your intellectual property, conjointly known as IP. Now I'm positive you may be thinking to yourself right now 'No duh, tell me something I do not already understand', well I don't mind if I do. Before I will extremely begin to clarify intellectual property management I first have to supply a bit of data concerning IP.
Primarily intellectual property can be any kind of work that has been created by a personal or company. The scope is pretty so much and will cowl such things as industrial property like inventions, emblems and styles to copyrighted materials of creative works like literature, music and photography. An idea however isn't thought of a kind of IP. Your plan will only become an IP when work is been applied it, like writing the thought down or coming up with it and therefore the additional work you place into your idea the additional of an IP it will become.
Another half of intellectual property that you might have heard of are copyrights and patents. To briefly justify the distinction a copyright protects an IP that's meant to be copied like music or books, while patents are meant to shield the method of creating a product, for instance the approach the integrated circuit topography of a product is designed.
Ok, now that we have a tendency to have intellectual property out of the method it's pretty easy to perceive that managing any type of IP will involve a significant quantity of paperwork, deadlines, docketing, maintenance and communication, particularly when it comes to copyright and patent offices. This can be a time consuming procedure and each action usually needs immediate attention followed by prompt responses. As your IP portfolio grows managing these several responsibilities and administrative requirements will become a full time job.
Trying to stay on top of all matters will become quite taxing for a brand new company or individual and will clearly detract from free time which would be a lot of beneficially spent coming back up with new ideas. This can be where an IP management professional will come back in handy.
Intellectual property management is really all concerning identifying your IP assets and maximizing the profits of your portfolio. Your IP management policies ought to be consistent with your overall business strategy, whereas at the same time helping you to identify opportunities and manage risks to create business decisions in an organized and effective manner. With a properly developed IP management policy in place you'll be able to take advantage of your portfolio together with generating revenues from previously unused IP assets.
As a replacement company, or maybe a solo individual, this might all sound terribly daunting. If you have been acquiring patents and growing your portfolio it may be time to enlist the help of a professional to manage your IP for you. They will be ready to assist you acknowledge opportunities for licensing and different revenue generating concepts that you'll not have remember of at all. There are various corporations specializing in IP management however before signing any contract create positive you do your analysis and ask for a few recommendations from their previous and current clients.