The Innovation Hub
A community of innovators, trained innovation management professionals, financial experts, plus contributors to developments of environmental, green or clean technology.
What's your innovative position? Have you maximised your IP commercial value and potential earnings?
Take a free Innovation IP Assessment to ensure your business is in line with best practices.
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THE INNOVATION PROCESS
Assessment
IPProHub can help you at any stage on your innovation journey. We recognise 7 stages in the innovation process that contribute to building a successful innovative business followed by a final stage that can sometimes take you in a different direction.
Use our free self-assessment tool now to check which stage matches your current position:
The Lightbulb Moment!
What happens when you have that Lightbulb moment?
This is known as Invention Discovery.
Have you captured and documented your valuable ideas?
The Diamond Vault
Have you carried out an IP Audit?
This is the log or register that identifies which form of protection is right for each asset in the business.
Where are the gems that will make you sparkle and wealthy?
Jostling for Position
Do you know which ideas you are going to take forward?
Innovation needs to be ranked and prioritised.
Have you got your financial plan in place and know the rules of the game?
The Cutting Edge
Has your innovative idea got what it takes?
Innovation development is a process that lays your foundations for commercial success.
Can you identify the best opportunities?
A Blueprint for Success
Have you configured your IP Management System (IPMS)? For successful IP development, the IP estate needs to grow out of solid foundations.
How interconnected are your costs with your business model?
Standing Out in the Crowd
Who are your partners, friends and competitors?
Commercialising the IP depends on good strategic fit.
Where are your revenue streams and how do these feed the process?
The Winning Formula
How much do you know about your market?
Reaching a dominant position helps feed successful Innovation Management.
Can you pivot your business model in real time?
Crossroads
Have you reached a crossroads?
Maybe now is the right time to carry out the periodic IP Review.
Where do you go from here?
Now that you have assessed your current position, making a success of your innovation depends on your next steps.
At each stage, best practices and activities lay the foundations for success both now and into the future.
Discover how IPProHub works within a framework that can help you take your innovative business plan to the next level.
THE INNOVATION MODEL
Framework
What should happen when a new discovery comes to light?
The Light Bulb Moment
Implementing a process for recognising intellectual property aligned with business activities is important. The process should focus on discovering new innovations as well as identifying IP assets currently unused. An important part of the process is to find a use for these unused assets in the business.
PROFESSIONAL
- Professionals trained in innovation management look for gaps in IP protection and ownership.
- They also assess IP risks and details of IP management issues and opportunities.
- They will implement a system that efficiently surfaces and registers new IP.
FINANCIAL
- Financial professionals have expert knowledge of the financial regulatory framework for commercialising IP.
- They are experts in knowing the asset classes that apply to IP and how to navigate tax regulation.
- The finance expert will ensure proper capitalisation of assets as they emerge.
ECO-FRIENDLY
- Systems for evaluating invention discovery now often add sustainability as an assessment criteria.
- Innovations that limit the damage of human activity are known as environmental, green or clean technology.
- It is increasingly important to assess how your idea will impact on the environment and the world that we live in.
Where is there value and IP with commercial potential?
The Diamond Vault
The next stage is to create a framework for locating and logging assets that can be protected in line with business activities and strategy.
PROFESSIONAL
- IP Audit professionals review and assess every area of IP within the organization.
- The audit covers all forms of IP right relevant for the business: patents, trademarks, trade secrets, designs, and copyrights.
- The IP Audit identifies forms of protection for each IP asset and notes all registered and unregistered assets in the business.
FINANCIAL
- The IP context affects and determines the market value of IP.
- There are three recognised methods for valuing IP; the cost method, the market value method, and the income or economic benefit method.
- Each IP asset surfacing as part of the IP Audit can be subject to IP valuation.
- IP financing models can calculate its commercial potential.
ECO-FRIENDLY
- Green technologies are environmentally-friendly and have clearly defined characteristics.
- These technologies protect the environment, are less polluting and more sustainable.
- They typically recycle waste and products when other technologies do not.
- Green technologies are also better at handling excess waste than other alternatives.
How should innovative ideas be prioritised and pursued?
Jostling for Position
An ideas prioritisation matrix provides a framework in which to assess the assets, fills gaps and evaluates the level of commercial potential. The legal and competitive demands of geographical and market sectors can shape where there is freedom to operate.
PROFESSIONAL
- Professionals look at the market context, identifying where there is freedom to operate. This drives the IP strategy.
- IP Intelligence software is useful for this stage in the process. It provides an understanding of ownership and how ownership relates to assets in the marketplace.
- Ranking and analysing assets show where there are gaps and/or obstacles in the market.
FINANCIAL
- Financial professionals begin modelling assets from the concept phase in the process.
- In the early stages, cashflow projections are key.
- The innovator must know how much it will cost to bring the innovation to the marketplace.
- IP forecasting software can provide projected cost calculations that will help assess the level and timing of costs.
ECO-FRIENDLY
- Add a measure to your ranking and prioritising system that assesses the green credentials of each innovation.
- Demand is increasing for innovations that will protect the environment in a post pandemic world.
- Make use of government schemes or funding for developing green technologies.
How does IP emerge from innovative ideas?
The Cutting Edge
The innovative business builds up a knowledge base of when, where and how to use and protect assets in a cost-effective way. Various forms of IP protection are available depending on each type of asset identified such as patents, trademarks, designs, copyrights, and trade secrets.
PROFESSIONAL
- During this phase, various forms of IP emerge following the Audit using analysis and evaluation techniques.
- Innovation development builds assets and positions them in the marketplace.
- The interplay between innovation development and business activity underpins the IP strategy.
- The IP strategy aligns innovations with business activities and commercial interests.
FINANCIAL
- The financial model uses scenario planning techniques to project innovation development.
- The scenario planner factors key decisions over the next 3-5 years.
- More sophisticated models scan the internal and external business environment to surface opportunities.
- The purpose of scanning for other opportunities is to maximise the commercial value of an IP portfolio.
ECO-FRIENDLY
- When building up the model for bringing innovations to the marketplace, the cost-benefit analysis adds an eco-dimension. This goes beyond assessing the benefits to the business.
- The analysis looks not only the sustainability benefits but also how the innovation fits with government policies.
What needs to be in place for developing IP protection for innovative ideas?
A Blueprint for Success
An IP management system becomes necessary as the innovative business structures its IP estate to provide a solid foundation for optimal development of an IP Portfolio.
PROFESSIONAL
- IP Portfolio management is key for implementing a successful IP strategy.
- The IP management system (IPMS) defines ownership and facilitates allocation of skills and resources.
- A successfully implemented system combines effective monitoring and reporting with efficient decision-making capability. In doing so, the system adds value to the IP portfolio.
FINANCIAL
- The financial plan includes budgeting and costing. Both are important aspects of creating a business plan to support innovation development.
- Each innovation has its own filing and IP development strategy, which includes associated costs.
- Linking unit costs with each innovation enables clear allocation of IP commercial value.
ECO-FRIENDLY
- There can be specific examination processes in place for green technologies, which is important to consider.
- Several national or regional IP offices prioritise patent applications about climate change and the environment.
- This can speed up and/or simplify the process, so it is worth finding out whether the IP meets the criteria.
How does IP fit in with the business development strategy?
Standing out in the Crowd
As the IP system develops, establishing connection points between the asset types in the portfolio becomes increasingly important. The system should be capable of maintaining all assets, and capitalising on those with commercial potential.
PROFESSIONAL
- The commercial world is always evolving and the business needs to be adjusting to changes in the market.
- A key part of the ongoing commercialising of IP is to track IP transactions and licensing agreements.
- It is also important to be monitoring players operating in the same sector, especially new entrants.
FINANCIAL
- Various components to the financial model are at play when commercialising the IP.
- Building and commercialising the IP portfolio can involve significant capital expenditure.
- So, a comprehensive Cost benefit analysis is important.
- The framework also includes a risk assessment, tax efficiency measures, and royalties calculated from any license agreements in place.
ECO-FRIENDLY
- Commercialising green technologies is essential for building a sustainable world.
- These technologies are also key drivers for economic growth.
- There is growing demand for green goods and services, which is often supplemented with government subsidies.
- Alignment between political, environmental and business interests are important drivers for success.
How can business development lead to achieve competitive advantage?
The Winning Formula
The business capable of managing its IP estate most effectively in support of its business strategy is best placed to achieve competitive advantage.
PROFESSIONAL
- Strategic decision-making based on market intelligence is important for achieving sustainable competitive advantage.
- IP intelligence software can provide useful data to support the decision making processes.
- Tracking market activity can identify infringement and also inform commercial choices.
- Dispute resolution and Litigation are also part of sustaining a competitive position.
FINANCIAL
- Identify where there are potential revenue streams and feed them into the financial model.
- This helps commercialise, monetise and capitalise the IP to achieve competitive advantage.
- In the digital age, it is possible to build the financial model to be adaptable in real time to changing circumstances.
ECO-FRIENDLY
- Green technology is on the global agenda in the race to become the leading green economy.
- Governments around the world have ambitious green development programmes in place.
- Aligning the business strategy with political ambitions can build competitive advantage.
- Subsidies and other tax benefits can help consolidate a dominant market position.
How and when should the strategy be reviewed?
Crossroads
There must be a periodic IP review if competitive advantage is to be sustained. The review assesses the IP strategy, ensures there is alignment with business strategy, measures growth levels and evaluates strategic direction. Timing can be in preparation for due diligence or as part of a periodic health check.
PROFESSIONAL
- The innovation review is important for surfacing issues to address and resolve.
- The review assesses each asset and consider the options.
- Options might include ongoing commercialisation or defensive use. Licensing might be more appropriate.
- Acquisition or sale of rights might be the best option.
FINANCIAL
- The finance system links revenue with IP assets accurately to measure return on investment.
- Constant investment is necessary for fostering innovation and sustaining the innovation process.
- The periodic IP review includes valuation, which can change over time.
- The review uses appropriate techniques such as cost model, Net Present Value (NPV) or Market-based value.
ECO-FRIENDLY
- The innovation review often necessitates connecting with technology providers or seekers.
- This can often result in partnerships and licence agreements.
- When negotiating contracts with partners, check the eco-credentials of partners.
- Failure to do so could have a damaging effect on business, or on reputation.
THE INNOVATION HUB
Connectivity
Connect with us on LinkedIn, or Join our LinkedIn Community Discussion, where we discuss best practices, case studies, what's working today, or simply to hear what others are saying about how they are capitalising on their IP investment.
Interested in capitalising more on your innovative position?
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THE INNOVATION NETWORK
Community
IPProhub is a community with a professional interest in contributing to the rich and diverse world of Intellectual Property.
IPProHub can support you in maximising the value of innovations. Inventors, entrepreneurs, start-up businesses, established businesses, SMEs, and international corporations. Whoever you are, we can help you plan the next steps in your innovation journey.
Our expertise covers professional and financial aspects of Innovation Management and we work to build a more eco-friendly future for all. Our experts are trained professionals in Innovation Management. Our financial professionals have expert knowledge of the financial regulatory framework. Our Community is also interested in developments of environmental, green or clean technology.
Join our LinkedIn Community Discussion, where we discuss best practices, case studies, what's working today, or simply to hear what others are saying about how they are capitalising on their IP investment.