My working definition of ‘IP Strategy’ is ‘using intellectual property to inform and leverage business strategy’.
I think it covers the full range of activity that is IP Strategy – what do you think?
Here are some definitions previously suggested by others.
Do you have any others we should add?
What are your thoughts?
"A plan or method to use IP to achieve business objectives." (ipCapital Group article at IPFrontline)
"The central playbook around intellectual property and how it supports the business." (ipVA)
(Photo credit: FJTU)
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I would frame IP Strategy as:
Identifying, capturing, protecting and exploiting those aspects of a business that relate to differentiation or proprietary components so as to allow maximization of firm profits in comparison to those obtainable from bare commodity pricing.
A bit wordier than the others, admittedly.
Great, Jackie – do you know of any others that people of proposed?
One other definition of IP Strategy (actually IP Strategist) that I have used effectively is: “I don’t get IP for you; rather, I make sure any IP that you do get makes you money.”
No one that I am aware of (other than we “usual suspects”) really attempts to frame IP Strategy as a discipline or a process. Rather, IP Strategy is something that is expected to be done successfully without the associated application of standard rules or frameworks. Imagine a business strategy that was conducted in the same way, where the parallel to the ad hoc nature of IP Strategy would be “let’s start a business that makes money.” The proponents of such a “strategy” would be laughed out of the room. Yet, at most organizations, IP Strategy is left in the hands of lawyers who are not trained in strategic business processes and, as such, treat IP as a legal issue.
I thus find it interesting we are having this conversation (along with Jordan Hatcher et al). As the most well-known IP Strategists, I think it is we who can decide and promote a definition of “IP Strategy” (for better or worse). To this end, I conversed with Jordan a while back and queried whether we should think about adding a Wikipedia page about IP Strategy. He suggested to wait a bit, but I pose the question to you as well as your readers whether this is something we should think about for the future, especially now that we have seen 2 business books on centered on IP Strategy in the last few months.
Duncan- I agree with Jackie but I think that it it’s important to point out that her definition implies a huge shift in perspective for most companies–from looking at just IP to understanding the full intellectual capital (IC) profile and value creation process.
Two related discussions you might enjoy are IP and IC: A Strategy or The Strategy? http://www.i-capitaladvisors.com/2009/03/10/ip-and-ic-a-strategy-or-the-strategy/ and Who’s in Charge of IP and IC? http://www.i-capitaladvisors.com/2009/05/07/who-is-in-charge-of-ip-and-ic/
Thanks Jackie
The definition of ‘IP Strategy’ and therefore ‘IP Strategist’ is a particularly difficult question, because some would include anyone who advises clients on how to use the various tools of IP – so this would include people across fields as varied as traditional legal advice, management consulting, IP ratings, IP Valuation, Securitisation, Banking, Auctions, Licensing and so on.
Others would take a narrower view. You second definition seems to be the wider one – do you agree?
Thanks Mary – Intellectual Capital Management is clearly incredibly important and IP Strategy is really a subset of this.
I don’t think that people with a traditional IP background can credibly claim much IC insight without a substantial work history demonstrating their successes in this broader context. Do you agree?
There are many situations where ICM is too broad and IP Strategy should be the focus – this may be for short periods, or it may be for quite a long time. I’m not saying that ICM should be ignored, but that it often makes sense to focus within that around IP, and even within IP to well defined areas where maximum effect will be had from resources available.
My definition is – IP strategy is a generator for the implementation of
good business opportunities for and barriers against the occurrence of
such negative
Thanks Duncan- I understand and agree with your perspective on the specialized nature of much of IP strategy. That means that the definitions in your initial post work.
But it seems to me that broader statements about differentiation don’t work if you are not going to look at the broader context. I look forward to hearing what Jackie has to say.
Hello,
I have read various definitions of IP strategy.
My definition is – IP strategy is a integral generator for the implementation of
good business opportunities and barriers against the occurrence of
such negative.
Thanks Ventsi