How to protect your intellectual property - Part 2

As we discovered in our previous post on protecting your intellectual property, intellectual property is key to fostering innovation and driving economic growth. Top businesses protect their valuable intellectual property through legal mechanisms and strategic de-risking.

Today we will delve into the different ways you can protect your intellectual property outside of legal options. Organisationally de-risking your intellectual property can be a smart move, especially if the case for legally protecting your intellectual property doesn't stack up.

Here are some key strategies for organisational de-risking of your valuable intellectual property, also known your "IP".

1. Trade Secret Protection.
   Rather than seeking patent protection, you can choose to keep valuable information as trade secrets. By implementing strict access controls, employee training and non-disclosure agreements, businesses can maintain confidentiality over their trade secrets. This approach allows you to retain exclusive control over your IP for an indefinite period - as long as the secret remains undisclosed.

2. Portfolio Diversification.
   Instead of relying on a single patent to protect an innovation, building a diversified portfolio of intellectual property assets can be a wise strategy. By layering IP assets, it's harder for your competitors to replicate your unique combination. Some elements might be legally protected; others might not. This layered approach will give you more protection than relying on legal protection alone.

3. Collaboration and Licensing.
   Depending on your business and industry, collaboration with other entities to jointly develop and commercialise intellectual property can be a valid option. By entering into licensing agreements, you can leverage your IP assets while sharing the associated risks and costs with partners. This approach allows for broader market penetration, increased revenue streams and shared enforcement responsibilities.

4. Speed and Innovation.
   These days, the speed at which innovation takes place is crucial. Rather than relying solely on legal protection, organisations can prioritise rapid product development cycles and continuous innovation with strategic internal processes, smart ways of working and a strong innovation culture. By constantly introducing new and improved products, you can maintain a competitive edge in the market and stay ahead of potential infringers.

5. Branding and Market Positioning.
   Building strong brand recognition and customer loyalty is a key organisational de-risking tactic which offers other benefits, too. By investing in marketing, branding and customer experience, you can create a unique position in the market that makes simply copying your intellectual property itself far less impactful. When you stack your intangible value in this way (that is, knowhow plus brand), it makes it harder for competitors to compete based on product features alone.

If your organisation has an emerging or evolving portfolio of intellectual property, it's essential to consider what protections best serve you and carefully weigh the risks and benefits associated with each strategy. Organisational de-risking measures can help you effectively safeguard your intellectual property while minimising reliance on costly legal mechanisms. In some cases, a combination of both will be the right fit.

Finding the right balance between legal protection and organisational de-risking will help you navigate the complex landscape of intellectual property - and maximise the value of your knowhow assets.

Curious to learn more about your hidden intellectual property assets? Reach out to us here.