I am in the business of becoming intimately involved with my clients and their businesses. And for better or worse, I often treat the rendering of my professional advice (which is what they pay me for) to be so important, that it is the same advice that I would give to myself if I were in the same stead. Unfortunately, sometimes I don’t take that same tact with my own business as I am so busy and preoccupied with my clients’ issues (they tend not to call when everything is going swimmingly) that I am exhausted when it comes time to address the needs of my own business. While that is a “I can do better” reflection, one thing we all can do is practically scale our legal strategies to meet the stage of growth.
Take for example, IP strategy. In the early stages of a business, IP protection often focuses on foundational elements: filing for trademarks, securing patents for key inventions, or protecting trade secrets. But as businesses grow, their IP needs evolve. Most serious businesses carve out the time for that.
But as they scale, the business owner has a more time consuming and more esoteric need: to carve out time to create a robust IP strategy as a critical foundation for long-term success. As companies mature, they accumulate valuable assets – from brand recognition to proprietary processes and even innovative inventions – all of which need to be safeguarded.
Mid-sized companies typically face new challenges. Brand evolution becomes a key concern, as expanding product lines or entering new markets often requires additional trademarks or copyright protection. Territorial growth introduces complexities, with businesses needing to navigate a patchwork of IP laws and secure protections in multiple jurisdictions. Increased exposure to infringement is another risk, as greater visibility makes it more likely that competitors will copy innovations or misuse a brand.
Again, I am in the same boat as my clients having very little time and a lot to do. So I developed the EmergeCounsel IP Strategy Audit (the “audit”) which utilizes the same process that IP attorneys utilize for large enterprise clients, scaled down in price and modeled for the small to mid-sized business.
The EmergeCounsel IP Strategy Audit is a comprehensive review of a company’s intellectual property assets to ensure they are adequately protected and aligned with the business’s growth goals. For small to mid-sized businesses, the audit can:
- Identify gaps in protection: Are there trademarks or patents that should have been filed but weren’t? Are trade secrets adequately documented and safeguarded?
- Spot new opportunities: As your business grows, new innovations, processes, or branding elements may emerge that are worth protecting.
- Evaluate international needs: If you’re expanding into global markets, an audit can determine where additional filings are needed to secure your IP rights abroad.
- Assess infringement risks: An audit can also uncover potential vulnerabilities where your IP might be at risk of infringement by competitors.
Building a comprehensive IP strategy
Once the audit identifies the current state of your IP, we work with the client to develop a forward-looking strategy.
The first step is to strengthen existing protections. Businesses should ensure that all critical assets – from trademarks to patents – are up to date and enforceable. This includes renewing filings and addressing any gaps uncovered during the audit.
If your business operates in multiple countries, securing IP protection in those jurisdictions is crucial. Expanding your international coverage might involve filing trademarks and patents in new territories or navigating international treaties like the Madrid Protocol.
Furthermore, as your business grows, so does the likelihood of creating new products, services, or branding elements. Establish clear processes to identify and file for IP protection as these new innovations emerge. This should include a plan for monitoring and enforcing your IP rights, so that infringements can be addressed proactively. This might involve setting up alerts for trademark misuse or engaging legal counsel to handle infringement cases.
Finally, make sure that your employees understand the importance of IP and their role in protecting it, particularly when it comes to trade secrets or handling proprietary information.
Inadequate protection has high stakes
Failing to prioritize IP protection can have serious consequences, including lost revenue, reputational damage and legal costs.
By contrast, a well-protected IP portfolio not only safeguards your business but also enhances its value. For companies considering an exit strategy, strong IP protections are often a key factor in attracting buyers or investors.
Why work with EmergeCounsel on an IP strategy
We are empathetic experts in advising small to medium sized companies using the same processes as large law firms at a fraction of the price.
We strive to partner with an IP attorney ensures that your intellectual property is not just protected but leveraged as a strategic asset for growth and ultimate acquisition.
Take the next step
If your business is growing and you haven’t revisited your IP strategy recently, now is the time. An IP audit can uncover critical gaps, while a proactive strategy can position your company for long-term success. Don’t wait until an issue arises – start protecting your intellectual property today!
Contact us to discuss if the Emerge Counsel IP Strategy Audit is right for your business. I think you will be pleasantly surprised by the cost, thoroughness and deliverables essential you’re your business’ growth.