Does Your Organization have an Intellectual Property Vision?

Surviving in this cut-throat business era is not an easy task. It takes a visionary whose thought process and efforts can take a small concept to a great success.

Faster is not faster if everyone is providing the deliveries at the same rate and simple is not simple if all the other designs available on the internet offer the same simplicity. If the teams are working to develop techniques that are in accordance with the vision but don’t get the business an edge in the market – as competitors are providing a similar experience – all the work is of no use.

Therefore, taking your business ahead depends on the vision/thought and how you plan & portray it for your company. This vision is what differentiates the organization from its competitors. A strong vision helps in forming a strong business, a similar thought is required for its IP too.

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The Intellectual property vision should complement the business vision by protecting the ongoing work to fulfill the business need. Like business vision, IP vision also holds immense value and should be aligned with the same. It should be shared in the organization to make everyone feel more focused and directed in their efforts to achieve what is desired.

Companies have a large budget for protecting their intellectual property. But if the type of projection is not in line with the business vision, the resulting IP is of no use.

A lot of organizations have a great business vision, but not an intellectual property vision in place. As a result, they face difficulties in translating their business vision into intellectual property vision. On such a thought, the ideology of IP canvas has emerged which facilitates building and refining the IP vision for an organization.

What is an IP Canvas?

The IP canvas consists of a thought-provoking technique to channelize and structure the central concept for a company’s IP. Its framework focuses on the strategic, financial and operational parts of the company from the IP front.

While using IP canvas, a trend would surface out which will assist in formulating the IP strategy of the company. The ideology used to get the required trend is based on these 4 pointers –

IP Canvas is characterized to be versatile, dynamic, and most importantly executable. The intent behind it is to plan the strategy for immediate implementation.

Since IP canvas is designed to bring out the transparent vision for short term and long term goals, the strategy to be executed next can be enhanced and then worked upon.

The Top Five benefits that IP Canvas Provides

The biggest problem that people run into while building a strategy is having too many ideas. IP canvas helps in clustering those ideas in a structured manner and bringing them in an implementable format.

Other than that, IP Canvas serves these five roles:

1. A Concave Mirror: Being an integral part of a company’s business strategy and growth plan, IP strategy requires utmost focus. It also impacts the brand of the company. The IP Canvas acts like a concave mirror and helps an organization focus on getting a better brand value and stand in the market.
2. An Idea Generation Machine: Researchers and employees of an organization may have many crucial ideas in their head. But the question that perplexes every management is – How to bring them to the table?  IP Canvas knocks this problem out and acts as an idea generation machine. Not only this, the IP canvas also directs such ideas towards the implementation path.
3. A Planner: IP Canvas helps to check the IP requirements of an organization and process to meet them. Also, it showcases the current status of a company’s IP assets and helps in chalking the next plan of action.
4. A Catalyst: Every step taken with the clarity of objective pushes the company multifold as compared to a disoriented effort. IP canvas works as a catalyst which accelerates growth by aligning mindset of different teams with the final goals of the company by channelizing different thought processes in a single direction.
5. An Early Warning and Control System (AWACS):  John Dewey once said – “A problem well put is half solved”. Considering the same, IP canvas works as an AWACS for an organization. It helps estimate and tackle the problems that hinder the success of the IP department.

Not every organization needs an IP Canvas. You may already have one. But how to figure that out, you ask? Well, if you’re able to answer the following questions, you are all set.

1. What is the strength and value of your organization’s IP?
2. Are your human resources aligned with your company’s IP strategy and overall vision?
3. What motivational trigger you can use for aligning your human resources with your company’s IP strategy and its overall vision?
4. How are you utilizing your IP assets?
5. What IP strategies are you using to enhance the brand value of your organization?
6. Which are the next areas where you will use IP to enhance your brand value? 
7. What business goal will you be achieving using your IP in the next: Quarter, 1 year, 5 years? 
8. How you will be going about these goals?
9. How many of the above-mentioned strategies you are employing at present?
10. What modifications/additions in your available resources require implementing your IP vision?
11. What obstacles could come along while achieving the set targets?
12. Do you have a strategy in place to surmount these obstacles? If yes, what are they?
13. What is your immediate plan of action?

Were you able to answer these questions? If not, you need an IP Canvas for aligning your IP strategy with your business strategy. To make things easier for you, we have designed an IP Canvas in a PDF format for you. You can download it from here – IP Canvas.

Many Fortune 500 companies take help of GreyB in aligning their business and IP strategies to stay at the top of their business. Let’s discuss how we can team up to beat your competitors.

Authored By – Abhishek Bhatia, Team Lead, Concept Hacking, Shikhar Sahni, AVP, Operations and Deepak Syal, Director, GreyB