Understanding IP Risk Separates the Leaders from the Followers
In a recent PatSnap webinar Donal O'Connell, Managing Director of Chawton Innovation services, gave a presentation on IP Risk management. Having a wealth of experience in this area he has helped many enterprise companies identify and mitigate IP risk and therefore has some very valuable insights to offer.
Using his experiences as case studies he puts companies into one of the following three categories based on their ideologies of IP risk.
1) Companies in denial - These organizations have a narrow definition of IP risk where they usually exclude certain parts of IP such as trade secrets or even trademarks.
2) Reactive Mode - Companies in this category attend to the issue when the risk actually materializes and then they throw resources at it. Donal used the analogy of a house burning down and the owners watching it whilst trying to apply for insurance!
3) Proactive Mode - This is the category that you want to be in. Organizations here will have a sound awareness of IP risk and will have an education system in place for its employees. They will most likely use a management tool adapted specifically for IP. On top of this they will have access to data in order to make informed decisions and also use that data for risk mitigation.
So what can we take from this?
Well, every company that is serious about their IP portfolio should be serious about being in that third category. They should be identifying the risks well in advance and strategising to mitigate them as soon as possible. Donal addressed the issue that not every risk can be completely mitigated but he highlighted that every risk can be identified and tracked.
At PatSnap we believe in this philosophy which is why we help our clients to access the huge amount of IP data out there and turn it in to valuable insights which can aid their IP risk strategy.