5 Tips for Maximizing the Value of IP
HOPE YOU FOUND THE TREK IP BUSINESS MODEL QUICK SCAN HELPFUL!
Here are five tips to help you maximize the value of intellectual property (IP) held by your company:
- Identify the specific intangible capital that you will need to build a business model around your IP – The QuickScan asks if you have the right intangible capital (IC) in place including processes, relationships and competencies. To get it right, you’ll want to identify what each of these elements actually are by taking an IC Inventory.
- Measure the fitness of these intangibles versus the challenge at hand. – The QuickScan asked you to measure the overall fitness of categories of intangibles. To get it right, you’ll want to measure each element individually using an IC Assessment.
- Create operating measures for the management of this IP and related IC. – The QuickScan was just a summary measure taken at one point in time. To get it right, you’ll want to measure progress as you develop you business model month by month, year by year using an IC Scorecard.
- Manage in a way that maximizes continued learning – The QuickScan identified the resources necessary for a successful business model but it doesn’t tell you how to manage it. To get it right, you’ll want to tap into your most knowledgeable employees and be judicious in how you define your Role as a Manager.
- Be open to new ways to monetize your IP – The QuickScan helped you think about a specific business model associated with your IP. To make the most of you IP, you’ll want to consider the Many Ways to Get Paid for Knowledge.
Want to explore this more? Check out Intangible Capital or call us at 781-729-9650 to learn how we could help you maximize the value of your IP.