Intellectual Property is the non-tangible asset of the human mind that creates tangible assets. As we come up with innovations and ideas that change the world for the better, intellectual property is of great importance. A professional intellectual property consultant or manager identifies and manages IP assets on behalf of a company to foster positive growth. Many IP valuation firms hire such consultants for their expertise.
What falls under Intellectual property?
An intellectual property consultant specializes in the complete management of intellectual property on behalf of a company or person. Many consultants offer intellectual valuation services for free. The professionals in this field take up the strategic and systematic handling of Intellectual property registered under a company name. An IP consultant is adept at filing and handling processes for important IP documents like patents and trademarks. Here are the types of intellectual property that a consultant deals with regularly.
Patent
Patents are legal protection for the original ideas of inventors so their inventions and brilliant ideas do not get stolen and devalued by cheap copies. A patent gives a lot of power to control the invention and the original idea behind it as the inventor conceptualizes it. Technology and inventions are usually safeguarded with patents. An intellectual property consultant can file for the patent and also protect the legal patent.
Copyright
A copyright is a document that protects the originality of an artist’s work and creative idea, as well as the results derived from them. Music, books, stories, and other designs are often copyrighted by the owners.
Trademark
A trademark is a name, word, symbol, or phrase that belongs to a certain brand and is exclusively owned by it, so no other company or person can use it without legal implications. Companies create trademarks for their most successful products and names.
Effective Intellectual property protection and management can keep ideas and trade secrets safe. Proper intellectual property protection management can increase the value of the asset after some time. This is where intellectual property valuation services step in. Intellectual property valuation firms offer you the services of intellectual property consultants who can value and manage IP assets for your company.
Services provided by an intellectual property consultant
A good intellectual property consultant offers a range of services. For example, the IP consultant can offer some strategic and management services that maintain the integrity of the IP and increase its value.
IP strategy
An intellectual property consultant can formulate the strategy for the management and protection of IP on behalf of a company. A company will usually have an IP portfolio, which will require some strategic decisions made with expertise. The consultant can help the company by determining the most valuable IP assets and the actions that need to be taken to use them for business profits.
IP protection
A lot of new companies and people do not know about their IP rights and how to enforce them. If you are also confused about IP rights and the process of enforcement, you need to hire an intellectual property consultant. An intellectual property consultant will be able to protect intellectual property by following the legal procedure to ensure the IP rights of an asset. The IP consultant can file the patent and trademark applications on behalf of your company so that the process is simple for you. The consultant will also be able to audit the IP property to root out any anomaly and resolve any conflict that was otherwise ignored.
IP Monetisation
Under the umbrella of IP rights management, IP monetization also falls. IP assets are non-tangible assets that can support tangible assets and generate revenue for the company. The consultant can come up with strategies and ideas to monetize the IP so that they generate maximum revenue. Before the company goes for any kind of deal where the IP is the fulcrum, the IP consultant weighs the deal and advises on its profitability. From IP licensing to partnership, all the internal processes are dealt with by the consultant.
What are the levels of multifaceted expertise of an IP consultant?
There are many levels to the multifaceted expertise of an intellectual property consultant. They have a plethora of skills that they use day to day for IP management and protection. The most in-demand skills of an IP consultant are as follows-
Legal knowledge
The process of IP acquisition and protection can involve a lot of legal formalities. The legal jargon and formalities can be tricky for most people. However, an Intellectual property consultant has extensive legal knowledge and handling skills, so he can complete legal formalities on behalf of a company. The consultant will understand the legal requirements of an IP-related process to protect your IP assets.
Strategic planning
IP management and protection needs strategic planning because multiple steps have to be taken. The IP consultant has the expertise to assess the true value of the intellectual property and also the skills to plan a strategy for value enhancement. The consultant also has good skills in risk identification and mitigation for IP assets of different types.
Due diligence
The legal knowledge and field experience of an IP consultant help them in conducting due diligence on behalf of the parent company before an important deal or merger. Due diligence is necessary to protect the company from losses and post-merger business conflicts. Conducting due diligence is a crucial task that IP consultants and management firms can complete easily.
Conclusion
The work of an Intellectual property consultant is far-reaching as their work and advice can determine the present and future of a company. Only the best of the IP professionals turn into valuable consultants. For the IP valuation services of a consultant, you can search for the best IP management firms and hire one from their team on a short-term basis.
The firms also allow you to collaborate with them on a long-term basis. Depending on the IP assets you have or want to acquire for your company, you can hire a professional IP consultant. At CONSOR, you can talk to the best intellectual property consultants in the industry and gain insights from them. Contact our team today and discuss the problem at hand for an effective resolution strategy.
Must Read – Maximizing Your Intellectual Property Value: The Importance of IP Valuation Services
FAQs
The skills of an IP consultant are needed if you already have an IP asset and want to increase its valuation by commercializing it. You also need an IP consultant if you are trying to enforce your IP rights and are confused about where to start.
The consultant can search for trademarks to come up with a unique trademark and file for its registration with all the necessary documents.
An IP consultant starts preparing for the legal approval of a licensing agreement by drafting it. Through this process, he reviews and negotiates to protect the interests of his parent company.
From IP portfolio management to maintenance and renewal of IP rights, there are so many tasks in which the IP consultant can support your team.
The IP consultant can send out restriction letters and legal notices to infringe on your IP rights. The consultant can also start legal proceedings on your company’s behalf and protect your company if your company is threatened by any legal IP risks.