As innovation consultants, we have a front row seat to watch (and help) companies learn how to be innovative. We've seen a lot of companies take a variety of approaches to innovation. One of the most common we see is what we call the "ad hoc" approach. This is a fancy way of saying "let's invent something and then see if we can sell it!" Although this approach is very common, it very rarely works well. We have a better approach. See how we helped a company in the health care industry apply four fundamental ingredients for a successful innovation strategy.
The first step in implementing IP strategy is to thoroughly evaluate which processes you have that are working well and which processes are absent or are not yielding the desired results. It is important for a company to consider the best practices used by other IP leaders, both inside the company's industry as well as in other industries.
Whether a company uses its IP offensively or defensively, a company's investment in IP strategy can be implemented cost-effectively in both the short and long term. Four practices to consider are: an IP portfolio audit, strategic foreign filings, defensive publications, and strategic portfolio development.
Small companies can face large financial hurdles on the way to securing intellectual property (IP) protection, particularly with patents. Accumulated patent lifecycle costs can exceed $125,000 for one US & one PCT filing. This cost may include prior art searching, patent drafting, patent prosecution, and maintenance fees.