4 Important Intellectual Considerations for the Boardroom

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Table of Contents

• IP Strategy
• 1. Keeping Track of IP in the Business
• 2. Key Dates and Deadlines
• 3. IP Priorities
• 4. Future Plans
• Key Takeaways
• Frequently Asked Questions

Since intellectual property (IP) forms an important part of any business’ brand, there are some important IP considerations boardrooms should keep front of mind. As such, a board needs to establish and maintain a clear IP strategy that comprises:

• records of all IP in the business, including ownership;
• key dates and deadlines relating to the IP;
• what IP is most important to the business, in order of priority; and
• any future plans for IP. 

This article will explain why IP is an essential discussion in the boardroom by elaborating on each of the above points.

IP Strategy

IP is important to any business since you can use it to:

• represent your brand in the marketplace (such as a trade mark); and
• sell a unique good or service (such as products covered by a patent or design).

For businesses with an extensive list of IP rights, a clear IP strategy will not only aid corporate governance but also identify risks in the current state of IP protection. 

If you are setting up an IP strategy for your company, consider including the below information at a minimum.

1. Keeping Track of IP in the Business

IP ownership can become confusing and disorganised when:

• there are multiple entities within a business;
• different employees partially or wholly own IP; and
• there are licensing agreements in place. 

As such, keeping detailed records of the chain of title is essential for IP management. Should an issue arise, board members need to be able to pinpoint the owner of the IP and take action swiftly. This way, you can maintain board effectiveness. 

2. Key Dates and Deadlines

Given the importance and frequency of deadlines in the IP space, you need to prioritise keeping track of key dates in any IP strategy. For example, one trade mark in the business could have multiple deadlines, particularly if you are applying for the trade mark internationally. 

For good measure, it is best practice to note down deadlines such as:

• acceptance deadlines;
• deadlines to respond to a particular office, particularly given time frames to respond may differ drastically based on the country;
• opposition deadlines;
• cooling off periods; and
• renewal deadlines.

Failure to meet a deadline could be detrimental. For instance, your pending trade mark application lapses due to missing the acceptance deadline. To prevent this from happening, individual reminders should be set several weeks ahead of the deadline to ensure you or your legal team have ample time to act on the work required.

3. IP Priorities

The board should also be aware of:

• the monetary value of the IP rights; and
• ensuring that the IP held is or will be a value-add to the business. 

Given that the board is responsible for protecting the intellectual capital of the business, they should determine which IP is a priority, and make sure it is thoroughly protected from a risk perspective.

4. Future Plans

An important consideration when putting together an IP strategy is to ensure that it aligns with your company’s overall business and marketing strategy. If you are aware of any upcoming changes, such as the launch of a new product, it is a good idea to look into protecting the IP as soon as possible. 

Tying into the discussion about priorities, you should also consider the value that the IP is bringing to your business long-term. For example, if you are no longer using certain IP rights anymore, it may be more economical to allow them to lapse and therefore maintain board effectiveness.

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Key Takeaways

Having a thorough IP strategy is crucial in terms of protecting your business’s intellectual capital. By keeping track of IP ownership, key dates, realising priorities, and future plans of the business, board members can ensure that adequate steps are being taken to mitigate risk and be able to pivot quickly if an IP issue arises.

If you need help developing an IP strategy, our experienced trade mark lawyers can assist as part of our LegalVision membership. For a low monthly fee, you will have unlimited access to lawyers to answer your questions and draft and review your documents. Call us today on 1300 544 755 or visit our membership page.

Frequently Asked Questions