There is a growing interest among CEOs in Spain in adding an IP strategy to their agenda, an element that has a direct impact on the profit and loss account and which is also closely linked to investments in innovation and marketing.
A well-designed and well-executed IP strategy facilitates the transformation of resources such as inventions, innovations, ideas, know-how and data into intangible assets, that is, patents, trademarks, industrial designs and copyright, thereby boosting and adding value to a company’s business portfolio.
Digital transformation, virtual communication and new technologies allow us to open up the creative process to all areas of the company, not just to the departments usually responsible for these matters.
Why is it so important for a company to implement such a strategy?
There are many legal and strategic reasons for doing so, although the key factors are determined by the sector and the degree of global competitiveness of the company.
By way of example, we may highlight the following factors, which have an important strategic influence:
- These new intangible resources or assets help to foster a culture of permanent innovation within the company.
- Competitors can be prevented from taking advantage of our progress and/or undermining our competitive advantage by means of different legal instruments for protection, such as, obtaining patents or industrial designs, implementing trade secret plans, protecting proprietary software, domain names, copyright, trademarks, etc.
- We can benefit from the strength and legitimacy of intangible assets in new markets when the company has plans for international expansion.
- A company’s branding strategy serves to build up and shape its brand and position its goods and services in the marketplace.
- Discouraging professional or amateur counterfeiters from copying our products.
- These assets may be transferred, licensed, sold and valued, increasing the company’s stock value, and helping to establish a stronger position in the financial markets.
- They can be capitalised on the balance sheet and amortised, and may also offer fiscal advantages.
- The cost of hiring experts to carry out the processes of transforming ideas into intangible assets can be recorded as deductible expenses by companies.
- Without intangible innovations, companies cannot access national and European subsidies.
All of the above factors lead to the idea that an IP strategy could be an interesting prospect for a company. I encourage you to take up the challenge.
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