Week 12: intellectual property #4

In this blogpost, I will summarize my online research in regards to the topic in the presentation.

I found this interesting article that listed 5 best practices for creating an IP strategy. I thought it would be cool to share it here.

1. File early for patents
New patent laws in the US are based off the "first to file" regime. Filing early is absolutely critical to getting your idea in first, and getting your patent underway as quickly as possible.

2. Control the distribution of your ideas
There is a difference between distributing non confidential information for feedback, as opposed to sharing the totality of your idea, including all the novel, patentable aspects of your innovation. Once your ideas have leaked into the public domain, you may never be able to patent them anywhere, as the idea is not considered novel anymore.

3. Own the process: don't leave it all to the lawyers
Understanding the filing process, working efficiently with the lawyers and creating a strategy and roadmap around filing patents are critical for getting the best return on investment.

4. Build an IP portfolio that increases your evaluation
The iP filling needs to be very strategic, creating the right balance of offensive and defensive goals while positioning the company to gain market share, enhancing valuation and positioning for funding, and increasing the likelihood of a successful exit.

5. Manage the risk of litigation
Having strong patent portfolio can provide ammunition to countersue the competitor, and in that regard, will make them think twice before suing you.