Why should you have an intellectual property strategy?

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(Music plays)

The Canadian Intellectual Property Office presents

Why should you have an intellectual property strategy?

(We see Richard Leclerc getting ready to be interviewed.)

Richard Leclerc, Senior Advisor, CIPO Outreach Program

(The interview begins with light music in the background.)

Intellectual Property strategy applies to your intangible assets, such as the name of the product or services that you have in the market, inventions that you have developed, or trade secrets that you have.

So it's a strategy that defines how you want to protect your intangible assets, where you want to do so, and when it's a good time to do it.

It's a strategy that should also be harmonized to your business strategy.

An intellectual property strategy is important because it forces you to take stock of your intangible assets and also think about the best way to optimize their impact on your business revenue, reputation and competitiveness.

It's also a good way to communicate to your management team or even your banker your vision and your approach.

To develop an intellectual property strategy, as a first step, it is important no matter if you decide to do it yourself or seek the help of an expert, you should have some basic knowledge.

"What are patents, trademarks, trade secrets?" and to do so you can contact the Canadian Intellectual Property Office or visit our website.

There is no one size fits all to do an intellectual property strategy; it depends at which stage of the business cycle you are at. For example: "Are you a startup, or you've been in business for many years? Do you do business locally or across Canada, or maybe you export?"

So you will have, for your strategy, to take into account the level of activity and innovation in your business sector and also who are your competitors. Speaking of competitors, it would be a good idea to integrate in your strategy the approach you intend to take to monitor their patent and trademark activities.

These are only some aspects of developing an intellectual property strategy. But remember, that you should know as much as possible about patents, trademarks, and trade secrets to make it easier to develop your strategy and less expensive.

(Music plays)

For more information http://www.cipo.ic.gc.ca/strategy

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Summary

Richard Leclerc, Senior Advisor, CIPO Outreach Program, defines what is an intellectual property strategy and how it can help a business grow.

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