7.3.6 Summary

Enterprises that aim to benefit from their know-how and creativity should take adequate steps to develop an IP strategy for their business and integrate it within their overall business strategy. A basic IP strategy would include at least the following policies: A Policy on IP Acquisition, a Policy on IP Exploitation, a Policy on IP Monitoring and a Policy on IP Enforcement.
IP is becoming an increasingly important investment and value differentiator, as intellectual property assets are capable of adding significant value to the enterprise in terms of competitive advantage, sustainability, attractiveness and revenues. There are several IP strategies with variable characteristics. The most usual and generic types of IP strategies are described in this module. It also lists the steps you need to follow in order to decide on the appropriate IP strategy for your organisation and how to implement it. Several tips are provided to help you to developing an effective IP strategy. Finally, a case study is given to portray the importance of the practical application of an IP Strategy.

In this component you have learnt how important Intellectual property management is and what the main policy-elements of an IP strategy are. Each organisation regardless of size should protect and manage its intellectual property. There are variable IP strategies with several different elements. However, you have learnt about their scope, the tasks involved, as well as the balance you should achieve to better secure and exploit a company’s IP assets without paying a high cost.  In this module you have also learnt how to select a suitable patent or licensing option for your organisation and we presented some of the well known methods. You should always keep in mind that the most important issue in the knowledge economy is for an organisation’s business strategy to be aligned with the intellectual property strategy.