Your business relies on intellectual property far more than you think. Every business has a reason – usually to make a profit from a product or service they sell. More often than not, this IP is a type of valuable knowledge. Of course, your business and the way you service your customers is also precious knowledge. Have you ever thought of how much you would stand to lose if your closest competitor were to find out this valuable knowledge? We’re not referring to just how you manufacture your products, but how you run your business, how you service customers, or even your client lists? All these things give you an advantage in the industry and are vital to your success.
IP Management in Today’s Business Environment
Today, many companies rely on their knowledge-based assets and thus brings the issue of proper IP licensing management into great importance. A “weightless economy” is perhaps a good term to describe an economy that relies on knowledge rather than tangible assets. Take, for example, tech giant Google, who allots 40% of their engineer’s time to develop their own project and many great products have come from this. Such companies recognize that innovation is good for them. And in such companies, identifying the assets that spring from this, knowing its value and how to best commercialize and profit from it (i.e. intellectual property management) is a necessary part of doing business. Creating something new, whether it is an invention, an artistic work, a design etc., and protecting it is more than just filing the necessary papers. It is important to have a better understanding of the created IP, how much it is worth and how to protect it.
There is another function of IP management. Many companies don’t realize that there are not many “new” inventions anymore. Not to say that there can’t be any new ideas anymore, but simply that it’s hard to create a product without relying on other previously created work. For example, if you were trying to create a new product, but needed a certain process, you may find that someone else has patented this process. So, aside from letting the company know what has been done before (and can’t be protected with by a patent), the intellectual property management team should be able to tell you how to legally obtain an IP license for other works, to help you in your own business processes.
Janik Vinnakota’s IP Licensing Services
Janik Vinnakota LLP is known as an international firm with principal offices in both Dallas and Houston, TX. The attorneys at Janik Vinnakota are experienced in the areas of small business law, start-ups, LLCs, intellectual property, business litigation, as well as personal injury. We recognize that as a business proprietor, you are also an innovator. Our dedicated patent litigation attorneys in Dallas are experienced with patents as well as all areas of intellectual property portfolio management, development and licensing. We help all our clients protect as well as enforce their patents, copyrights, trademarks, trade dress, and trade secrets.
Proper handling of IP Licensing Services in itself is valuable for any company, both for strategic and financial reasons. It is important not to underestimate its value to your company, and thus it should be practiced correctly and thoroughly. Give us a call today or send us a message to discuss your IP licensing needs.