Intellectual Property and the Business Plan Intellectual property is important for many businesses, but it is crucial for those that sell products or services based on the IP created by the company. The business plan for creating a sustainable revenue stream may depend heavily on the IP, and employees and management must know how to handle these items properly.
Your business IP is your most important asset. It’s integral to your competitive advantage and critical to your ongoing success. No matter which business cycle you’re in (e.g., early, growth or late stage), your business plan must include a strategy for capitalizing on your intellectual property.
The intellectual property law has shifted attention from the common protection of physical objects such as land to intangible assets like designs, inventions and artistic works. The idea is to secure and enforce legal protection of the intellectual potential, especially in this era where violation of intellectual property is extremely tempting given the technological advancement.
Intellectual property is the original concepts and ideas conceived of and developed by employees, or workers this consist of photos, taglines, slogans, games, movies, music, product or business name, books, articles, illustrations, designs, and many others. The intellectual property rights provide right over the use of their creation to a creator.
A business plan sets you up for success when you start,. It can also help you set the goals for your business in your business plan.. record of each version of your business plan as they may contain some important historical information as well as your intellectual property. 7.
Why are intellectual property rights important? Disputes between businesses about intellectual property can run into millions of pounds in legal fees, compensation and bad publicity. There have been countless legal tussles between large companies suing each other alleging theft of intellectual property.
How to protect and structure an Intellectual Property Business. A few weeks ago, we talked about certain key aspects to consider when structuring a holding company, as well as reviewed a number of jurisdictions that may be interesting for holding company purposes. If you haven’t had the chance to read them, you can do it here and here.
Intellectual property can be very valuable. There are businesses, such as computer games companies, that exist simply to develop intellectual property or even take advantage of it. It is important to protect your business by securing your intellectual property rights. It is equally important to avoid infringing the rights of other businesses.