By- Harsha Agarwal Editors - Paruli Upadhyaya
Product development is the first stage in the life cycle of a product. After ideation and concept building of a product, one needs to ensure that the Customer Data Integration has been done and proper go-to-market research has been completed. If an organisation decides to go into the market with its product, there must be a clear business plan for the product development process.
The development process starts with an idea and ends up with a final product, which might have technical specifications related to Intellectual Property (IPs).
With the help of the following five IP tips,an organisation can surely boost its Product Development Process.
1. Structuring and Promoting the Internal IP Ecosystem that Promotes Innovation
A fully protected new idea can be the opportunity for an organisation’s success. These days, organisations cannot afford to work on a static/rigid business model wherein no new ideas or innovations are entertained. There is a constant need to be updated in line with the technological advancements happening overnight. In this current scenario, many organisations encourage their employees to share an idea that might be commercially viable.
With the help of a robust IP system, these ideas can be protected at the inception stage. Such ideas can be registered with the help of an established internal IP ecosystem, wherein they can be duly protected. The organisations must structure their IP ecosystem in a way that promotes security and innovation.
2. Aligning IP Decisions with Business Objectives/Goals
Intellectual Property in the form of patents, copyrights, trademarks, or trade secrets is an asset to the company and is required to be managed and protected accordingly. Although it is important to establish an effective IP strategy to protect innovations, it is even more essential to identify current and future core business objectives to select the right type of protection. For instance, for an idea to be converted into a patentable invention, businesses often need to choose between using the trade secret route and patent route for protection. Read more