The start of the year is a great time to reflect on your Intellectual Property (IP). Below are some simple tips to make sure you are evaluating and acting on your IP needs.

New products/projects– Being aware of new projects or products and identifying whether an IP protection plan is needed is how you can effectively manage your portfolio. The start of the new year is always a great time to start an IP committee or other procedures to start evaluating such projects/products and innovations to determine how best to move forward. Our team can provide these procedures as well as assist in determining the best protection plans to pursue.

Budgeting- Establishing a budget for your IP protection is a great way to manage costs and invest in your company. Adjusting a budget based on yearly data is an effective technique so you can allocate resources/funds to departments, research and development, etc.

Statistical Review– Reviewing data on a year-to-year basis can provide helpful insights on trends for your company and where improvements can be made. For example, identifying lower filings or allowances compared to years past may be worthwhile to examine why or how that occurred. Tucker Ellis happily provides clients yearly data statistics to help uncover areas of improvement.

Enforcement/Licensing- Maximizing the value of your IP can be achieved by targeting potential licensees or enforcing your IP against infringers. The start of the year is a nice time to start watch services to monitor third-party activity.

Education/Presentations- Establishing an on-going curriculum to educate your team is a fantastic way to enhance your company’s IP. Tucker Ellis has various presentations for clients that help their team understand certain areas of improvement related to IP.