A cohesive and well-designed IP strategy is a key component of a successful business. IP strategy protects investments by providing exclusionary rights, helps you gain a competitive advantage, supports brand and marketing initiatives, and much more.
But it can be a daunting task for most startup founders. Where do I begin? Who can advise me on the process? What is the best strategy?
We wanted to know too. So, we teamed up with Innovation Asset Collective (IAC) to invite three of their member companies, each at different stages in their growth cycle, to chat about it. Our President + CEO, Raghwa Gopal, sat down with Chris Tumpach (Co-Founder, President and CEO, Rainforest Automation), Lori DeGraw (VP, Partnerships & Member Engagement, IAC), Michael Coulson (IP Manager, Semios), and Susan Blanchet (Founder & CEO, Origen Air) to learn more about their IP journeys.
Uncover the key takeaways.
Take a Holistic Approach
A key theme in our discussion was taking a comprehensive and holistic approach in formulating your organization’s IP strategy. This is a crucial element as integrating your IP strategy into your company’s culture and work processes can help to ensure that your intellectual assets are not overlooked. It can also open opportunities to expand your company’s innovations and assets further into the industry.
The misconception generally in the industry is that how many patents you secure in a year is going to be your measure of success. You have to think about what’s important to you and where does that go. That kind of holistic thinking is really important.
Chris Tumpach, Rainforest Automation
According to our expert panellists, a holistic approach to IP strategy should be formulated with the end goal in mind. By approaching every aspect of your company’s IP strategy holistically, it can help to acquire an advantage over competitors, improve productivity, generate new commercial opportunities, and much more.
When talking about IP strategy it really needs to include a holistic view of your differentiating factors, your technology, and your innovation pipeline.
Michael Coulson, Semios
Don't Forget to Enjoy
Protecting patents, copyrights, trademarks, trade secrets, designs, and data, can be daunting, especially for up-and-coming businesses. The cost associated with protecting assets and innovation can overshadow the fun and creativity of the whole IP journey.
Fostering a work environment that celebrates IP strategy can lead to discovering innovations and supporting new trailblazing creations.
I think it can be fun, and your staff might come up with some cool idea that you haven't thought about, but it's something you have to work on and make part of your culture.
Susan Blanchet, Origen Air
IP strategy takes tremendous effort. However, fostering a work culture that is IP-driven can help motivate and inspire your employees to regularly contribute to the IP development of your organization.
Ask for Help
Creating an IP strategy is an expensive and costly undertaking. However, funding and grants are available for IP development.
We offer funding and grants towards IP development so that companies who are making that a tough decision between resources and allocations have support to move their own IP strategy forward.
Lori DeGraw, IAC
There are resources available, such as the programs and services offered by IAC, that can help guide your IP development in the right direction and help kickstart your IP strategy journey.
Innovate BC is pleased to partner with IAC to bring this opportunity to B.C. companies. Want to learn more about the role IAC can play in your IP strategy? Get in touch.
Missed the session? Watch the recording here.
