Intellectual property is for business. Not for lawyers. Sure, it’s true: legal rules define IP assets like patents. Legal rules also define what is money, stocks and bonds.
In fact, every aspect of business has a legal framework in the background. But who thinks of currency, stocks or bonds – or any other area of business – as “just legal stuff”?
When it comes to IP, we often have difficulty seeing the business forest for the legal trees. But think about it: why does IP exist?
To leverage the commercial value of innovation. In other words, IP is all about business! Ok, you say, but why does it matter how you see IP?
Well, for one thing, if you develop IP assets like patents without a laser focus on your business target, they’re unlikely to generate the business benefit you were hoping for.
Makes sense, doesn’t it? If you don’t have a business focus, you won’t get the business benefit.
IP assets like patents can crystallize value in your business, provide commercialization options, and help mitigate certain risks.
But to do that, you must start with a business target in mind – and then stubbornly keep that target in mind throughout the entire process.
Intellectual property is for business. And once you start seeing your IP as an essential player on your business team, you’ll be way ahead of the pack.