What is it?

Intellectual Property Management (IP Management) helps companies, in-house attorneys create a strategy for their approach to handling intellectual property that the company has or wants to acquire. IP Management helps companies and IP law firms with preparing for and conducting IP filings and litigation as well as a system for tracking information and critical dates about existing patents.

Why is it important?

Intellectual Property (IP) is one of the most important assets of a leading edge technology company. Whether it be patents, copyrights, trademarks, trade secrets or know-how, it is critically important to identify it, document it, protect it and in some cases, register it. All of this activity takes a team of engineers, technical writers, technology managers, and executives. Regardless of the size or composition of the team, it is advisable to appoint one person to be responsible for the overall management of IP. This will ensure things don’t fall through the cracks as there is much to keep track of. Good IP management also requires the development of a strategy in order to balance the cost involved in registering IP against the protection that will be required in markets you are in or plan to develop.

Another important part of managing IP is keeping tabs on what your competitors are doing. Any time a competitor is awarded a patent, you should be examining it to ensure that you are not infringing on their IP.

What to look for in Intellectual Property Management Solutions?

Security and privacy are always a major concern with IP tools. Additionally, look for how the tools integrate with your existing tool portfolio. Some tools offer a variety of capabilities while others are more narrow in focus. Determine whether your company is seeking a specific solution or a suite of IP functionality