5 reasons not to manage your IP portfolio internally

IP portfolio management requires intricate knowledge of how to maximise the potential for each IP asset and your consolidated portfolio. We share five reasons why you should work with an IP specialist to fulfil these tasks.

Effectively managing your intellectual property (IP) portfolio directly impacts the return on investment of your company. It also provides you with a competitive edge that restricts potential competitors from easily entering the marketplace with a similar product, process or brand. However, it also requires a specific set of skills, tools and resources. We share five reasons why you should work with an IP specialist to manage your IP portfolio.

1. IP specialists have more experience

When developing and managing your IP portfolio strategy, it’s important to bring as much knowledge and experience to the process as possible. Specialist IP providers consult, develop and manage IP strategies for companies across a wide variety of industries, each with their own unique set of requirements.

By drawing on this wealth of experience, an IP consultant can guide the development of a smarter intellectual property portfolio that aligns with your business strategy and maximises your IP assets. In this way, you can leverage the knowledge of industry experts to develop a strong, competitive and productive portfolio that is closely aligned with your core business strategies. They also help you to navigate unique legal obstacles your business may face when acquiring new IP assets.

2. You can save valuable resources

The ongoing process of aligning your IP portfolio with your corporate strategy requires attention to detail and constant adaptation to suit your business needs throughout its lifecycle. Capturing, protecting and leveraging your IP assets can put a strain on your company’s resources, especially when your team needs to focus on innovation rather than commercialisation.

IP providers help you to maximise the commercial benefits of your IP assets from an early stage. They increase the lifetime value of your portfolio by ensuring that your IP assets consistently provide value to your corporate strategy. Meanwhile, your company’s internal resources are unburdened from the ongoing requirements of portfolio management.

3. Expand the horizons of your IP portfolio

Multiple types of IP protection can apply to your business. Do you have a unique method for manufacturing your product or providing your service? Have you trademarked all elements of your corporate identity? Do you copyright the written and visual materials that support your inventions or services? And how do you leverage your IP assets: licensing, royalties, selling or enforcing?

An IP provider can work with your team to capture all potential assets in your portfolio and ensure they are used effectively. This may include strategic assets that your business does not use, which prevent a competitor from gaining a foothold in the market. As such, your business strategy and IP portfolio are consistently aligned for maximum performance and profitability.

4. Lack of relevant internal resources

Developing an IP portfolio requires a unique combination of knowledge, platforms and resources. These can be excessively expensive to build in-house. Therefore, many businesses look to IP providers to access valuable resources cost-effectively.

An IP provider delivers the same (or even better) standard of service for a fraction of the costs of maintaining in-house IP management teams. Using an IP provider, your company can access high-quality resources that are crucial for optimising your portfolio. For example, data resources can be intelligently used to rapidly profile the risk and reward of different IP assets, so your team can make smarter decisions and reduce potential costs.

5. Knowledge is power

Your IP portfolio is the most valuable part of your business. It is one of the first aspects of your business that current and potential investors will evaluate. This is because your IP portfolio is the only part of your business that protects you from new market entrants.

Building a smart portfolio provides the strongest level of protection for the future of your business. You will want access to the most knowledgeable contributors to build different strategies for your IP portfolio, so that you can effectively capture, protect and leverage each of your IP assets. These assets should work cohesively as a strong portfolio. Consulting with an IP provider enables you to leverage the knowledge and resources of industry-leading experts so you can maximise the potential of your IP portfolio.

Discover reasons to partner with Novagraaf for IP management by exploring our end-to-end service or contacting our team for an introductory discussion.