Regardless how long you’ve served as a member of the Board of Directors for your company, you may have seen some information here that you had never before considered. As we said from the beginning, intangible assets such as intellectual property are often overlooked—though less now than ever before. Our hope is that we not only introduced some information that can help you as you serve as a Board member, but also that we provided the “why.”
For decades, boards of directors held to the adage, “If you can’t measure it, you can’t manage it.” That standard business expression seemed cut out specifically for intellectual property and other intangible assets. For that reason, most companies have a poor track record of crafting IP strategy and managing their intellectual property assets. Boards of directors simply didn’t think of intellectual property as a business tool. Instead, it was something for the lawyers to handle.
As our previous several articles have highlighted, there is no shortage of innovation taking place during this pandemic. Scientists the world over scramble for answers to very specific and unique pain points, which leads to solutions that might, at least for the moment, infringe upon intellectual property currently patented.
Do you know someone obsessed with patents, intellectual property, and innovation? Maybe you have a patent lawyer in your life, or maybe someone who’s invented a few things and holds their own patents. Maybe your aunt or uncle just loves to know how things work, and how we got from the caveman’s wheel to Elon Musk’s Tesla. Whatever their reasons for loving the patent process, we have the perfect holiday gifts for them!
Stop and think for a minute about your bottom line. Is it everything you dreamed it would be? Of course not. You want your business to continue growing. And for that happen, you need to be at the cutting edge of what’s relevant in your field. When you find yourself there, you’ve got a good view of the competition. You want to be at least one step ahead of your competitor, but not everyone knows how to do that.