Intellectual property (IP) refers to copyrights, trademarks, and patents that represent exclusive use of an idea, process, composition, or descriptive word or phrase. IP management involves maintaining and renewing IP rights, monitoring for infringements, and maximizing the value of the IP portfolio. Failure to use or enforce rights can lead to cancellation or weakening of the right. IP management is typically handled by lawyers or specialists, and larger companies may have IP management and enforcement teams on staff or outsource to outside professionals.
The term “intellectual property” is a legal term that generally refers to copyrights, trademarks, or patents. Each represents an intangible right to some kind of exclusive use of an idea, process, composition, or descriptive word or phrase. Intellectual property, simply called “IP” for short, is very important to both individuals and businesses – anyone with an idea or product that needs to be protected. The intellectual property management process is the means by which companies and individuals maintain their patents, trademarks and copyrights. Management can be as simple as keeping all IP rights up to date and renewed, or as complicated as researching the market for new IP investment opportunities and monitoring for infringements.
The management of intellectual property presupposes the existence of IP rights. The management process is concerned with maintaining intellectual property, not obtaining it in the first place. The most important maintenance strategy and the most basic element of IP management is to ensure that all intellectual property is used to its fullest extent and that the rights are current.
Most intellectual property rights are released on a temporary basis. That is to say, they are typically not lifetime entitlements and often need to be renewed on a regular basis. Patents typically have the shortest initial duration, followed by trademarks and then copyrights. Intellectual property management usually includes a calendar of renewal dates and a checklist to periodically determine whether all proprietary rights are actually being used and enforced.
To protect a patent, trademark, or copyright, you not only need to keep it current, but you also need to monitor the market for misuse and prosecute infringements promptly. In many jurisdictions, failure to use or enforce rights can lead to cancellation, or at least progressive weakening of the right. An IP owner must take the necessary measures for the rights to maintain their market exclusivity. Making sure that all rights are protected and not abused is a form of intellectual property management.
Intellectual property management also involves analyzing and evaluating the relative value of an IP portfolio. The intellectual property that is owned must be maximized in order for the owner to receive the maximum benefit. This may mean stepping up advertising efforts or campaigns, enhancing the branding of a service, or using an existing brand protection or copyright protection in a new way. Intellectual property management is the process by which the IP owner looks for new ways to exploit and protect existing IP rights.
The more rights there are in a given portfolio, the more complicated the task of managing intellectual property. Companies, especially those operating in many markets, often have complex intellectual property management plans. Management of corporate intellectual property is typically handled by a team of lawyers or intellectual property specialists. Larger companies often have IP management and enforcement teams on staff. Others will outsource intellectual property management and intellectual property protection activities to outside professionals.
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