Find Out the Details of an Intellectual Property (IP) Committee
Any business which relies on intellectual property (IP) assets to underpin its competitive advantage may benefit from establishing an IP Committee. The role of an IP Committee should be to create, enhance and execute an IP strategy for your business which focuses primarily on risk management or risk avoidance activities. It is likely to be managed by, if anyone, in-house counsel (in the United States) or the chief financial officer or chief technology officer (in Europe).
Companies are now beginning to recognize that identifying and taking ownership of their full range of IP assets can create significant enterprise value when aligned with the strategic goals of a business, enhancing revenue streams and increasing competitiveness by creating new barriers to entry. The creation of an IP Committee is a great first step towards those goals.
The activities of an IP Committee can include:
- Deciding what innovations should be patented, and how to effectively use “invention disclosure forms” to save time & money
- Deciding on IP-related spend, e.g whether to continue with certain current patent prosecution activities or apply for/ renew existing trademarks
- Monitoring competitor and new entrant IP-related activities in the market via a market intelligence strategy
- Deciding how to protect and enhance the key IP assets in the business as the business model changes from a technology focus to a service-driven strategy
- Ensuring that identified and valuable intellectual property know-how is captured and turned into organizational knowledge
- Implementing a trade secrets policy