Intellectual Property is undisputedly a popular word in the business cycle. Once considered a luxury to now a necessity, the manner in which companies see intellectual Property has evolved over time.
However, due to the complexities involved, developing a budget for your IP can be difficult and involve a rigorous process even to the most seasoned professionals.
The main considerations when drawing a budget for your IP: application fees and legal costs. You should also be aware of the life cycle of each type of IP. They are not all lifetime registrations. Your IP attorney should walk you through ongoing maintenance of trademarks, copyrights and patents. They should also have docketing software to make sure they let you know about important dates.
Like protecting any property, you want to make sure that you have a good fence to make sure the copycats can’t get in. What is important to your brand, which part of your brand will you expand, do you see yourself in other countries? These are all important questions. Based on your budget, you need to make sure you have the most protection, you can always hone in later.
This is why all businesses must put in place some best practices to improve IP budgeting; some of these guidelines include the following:
- Pay Attention to Legal Expenses: From its inception, protection, ongoing maintenance, and management, the lifecycles of your IP assets will be covered by legal services that come with associated costs. Most IP attorneys will charge flat fees for most of the prosecution phase. Be aware of the online filing services, they merely file, they won’t help you with strategy.
- Establish A Review Routine: Frequent audits of your IP assets help review your costs and ensure reduced expenses. This also helps organizations make a better decision, meet the business need, and balance cost while focusing on opportunities to make profits.
- Organize your portfolio: If you are strategic with your spending, it is vital toorganize your portfolio. A lot of redundancies, errors, and costs will arise when enterprises do not pay attention to their intellectual property portfolio. The manual route may not be the most effective with all the spreadsheets, file folders, and banker boxes. Therefore, all organizations must create room for improved portfolio management through the use of modern-day technology.
IP budgeting can be a complicated process for the uninitiated. However, having a viable budget helps in cost management and strategic IP protection. It is essential to the growth of modern enterprises because a strong brand can help you differentiate yourself from the rest of your competitors.