IP - It's not just for the big boys (and girls!)

I went to the first day of the Dublin Intellectual Property (IP) Summit , hosted at Enterprise Ireland trying to get my head around what IP really was, and why the SME community in Ireland might be ‘missing a trick’ in generating value in their businesses.

Caveat: I am not a lawyer so take all of these 'lessons' in that vein!

Lesson learned 1 : IP is not just for the ‘big boys’

We might think that IP is for the ‘inventions’ of  the big brands, manufacturers or tech companies. We hear stories of expensive court cases and industrial espionage. These absolutely do happen and involve lots of lawyers and expensive litigation. In reality, though, Intellectual Property is all around us and we're likely not aware of all that we could benefit from identifying and protecting- It could be your company’s individual business processes, the documentation you produce, your logo or even your mailing list!

EU studies showing that SMEs using IP rights are more likely to achieve high growth and firms with more than one IP right also more likely to grow.

So if an SME wants to exploit all its existing assets and grow......

Lesson Learned 2: Help and support is available - and its free!

Get yourself up to speed on what IP is and how you could enable IP rights in your organisation. Information specifically for SMEs at IP for SMEs - IPOI

Do an IP audit. There is an online tool from the EU to help you with that IP Scan - EUIPO (europa.eu).

Get some help to develop an IP strategy – again, ask the European Patent Office or Intellectual Property Office of Ireland or Enterprise Ireland for support and guidance in this space.

Many IP agents or law offices will do a preliminary evaluation at no cost. Good to get the voice of the practitioners also!

Lesson Learned 3 : Start as you mean to continue

Once the information is on board, the tail mustn’t wag the dog - make sure your IP strategy is consistent and evolves with your overall strategy or business plan.

Start your business like you want to sell it – protect your brand (which can include name/logo/colour palettes/product slogans/customer service)

Tempus Fugit Work the timelines on patents into your go to market strategy  - ‘to be filed’ patents aren’t worth the paper they’re written on unless they are filed and you are ready to go! If  your development timeline extends past the patent protection, then you’re goosed.

'Death Star Vs Asteroid field' : Having multiple (smaller) patent protection can allow an SME to play well with the ‘big boys’ and potentially be a target for an attractive purchase.

Lesson learned 4 : IP can be a revenue generator – not a cost centre

You can generate cashflow from licences or event franchise your brand!

Your trade secrets or 'secret sauce' can be leveraged in many ways. How can you make money from what you do well? What do you know? Who would value that?

Identifying and securing your intellectual property can enhance your reputation and attract funding and investment, with investors becoming more interested in how trade secrets are protected.

Hint : Keep the IP money out of the operations money: It must wash its own face and feed future research.

All in all, an very interesting days session. Lots of SMEs in the room with fantastic businesses, trying to figure out how best to proceed. There is expertise and collective willingness to support that development in 'Ireland Inc.'

Onward!