Organizations need to identify and implement in-house comprehensive IP-based strategic activities that extend the organization's competitive advantages in innovative product and service development by defining and encouraging measures for organizational IP evolution and exploitation.

 

This requires an effective IP management and commercialization strategy leading a business, among others;

• to define the IP assets they own (registered and unregistered IP rights);

• to identify the IP assets of others (IP risks including third-party threats);

• to assess in detail how they are managing their IP assets -internally and externally- within their business (policies/procedures, information-sharing, nondisclosure agreements, contracts, securing know-how in-house, etc.);

• to value the IP assets they own (IP valuations);

• to develop an action plan detailing how the IP assets will be commercialized; and

• to plan and manage funding and budget-keeping issues for all.

 

The first step recommended in IP management is to conduct an IP audit, which identifies relevant IP, establish the ownership of that IP, put in place procedures to manage the IP, and assist in the formulation and execution of the organization’s IP policy.

 

Identification of the IP of third parties is particularly important for the institution’s ability to avoid liability for the misuse thereof.