Intellectual prosperity: Growing, monetizing and protecting intellectual property

What can companies do to keep track of this valuable asset?

Chances are if you work in an office, some piece of equipment has been assigned to you: a computer, a phone or even a wireless mouse. Chances are also good that your company has a method of tracking those small but important assets. For example, the IT department probably has the serial number your mouse on file. It’s important, of course, to keep close track of all of a company’s assets, no matter how small.

Why is it then, that so many businesses don’t have a clear intellectual property plan, including documents to show what they own and how best to use it? According to Jim Malackowski, chairman and CEO of Ocean Tomo, an intellectual property merchant bank, more than 90 percent of businesses don’t have this vital information written down anywhere.

Building, monetizing and protecting

While there is no single path that companies must follow in order to take full advantage of their intellectual property, experts agree that there are certain key steps that businesses can take to start the journey. Both Sobon and Dickinson see the value in expanding the conversation to essential parties. “Any company in the economy should have a discussion in legal and the C-suite about the importance of IP rights to the particular industry,” Sobon asserts.

Senior Editor and Community Manager

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Rich Steeves

Richard P. Steeves is Senior Editor and Community Manager of InsideCounsel magazine, where he covers the intellectual property and compliance beats. Rich earned a B.A....

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