Lesson 6: How Often Should a Business Re-visit its IP Strategy?
A business should re-visit its IP strategy as often as it re-visits its corporate strategy – ideally about once a year.
When a business is refreshing its IP strategy, it should repeat the analysis done when it first formulated the strategy, paying close attention to any changes in the company’s position or its products or any changes in the competitive landscape.
One signal which might warrant a reconsideration of a business’ existing IP strategy is a shift in the company’s own IP holdings or portfolio. For example, when a patent expires, the business may have to find other ways to try to maintain its market share.
EXAMPLE: LEGO GROUP (“LEGO CO”)
One company that tried some fairly novel approaches after their patents expired is LEGO Group (“LEGO Co.”) that manufacturers the world famous LEGO brand of children’s interlocking bricks.