Intellectual Property (IP) is one of the most important assets of a company, especially for IT professional services firms. It is what differentiates them from their competitors and gives them a unique selling point. But creating, managing and applying the best practices in IP management is not an easy task, and it requires leadership and senior management sponsorship to ensure that everyone believes in the process and will deliver what they say.
In this blog post, we will discuss the importance of appointing a management team member and applying the Best Practices in IP Management and how they can benefit your consultancy firm.
The Need for an IP Manager
Consultants are notoriously bad at creating reusable materials. Therefore, it is crucial to appoint a partner/director to manage IP development. The IP Manager will lead the creation and maintenance of all IPs in the firm. This includes collecting all valuable information stored in the computers of your consultants, consulting methods, tools, techniques, software, case studies, sales presentations, client and prospect lists, internal processes, training materials, etc. Each document/process should have someone who owns its creation and maintenance, so it can be used at the drop of a hat.
Moreover, it is essential to ensure that IP development is part of the staff bonus scheme, and KPIs are transparent to make sure you get the best buy-in. Like everything, you need to measure and understand its real cost to show the real benefit over time to your organization. Otherwise, it won’t be a success and will die out.
The Role of an IP Manager
IP managers develop, maintain, and implement the best practices in IP identification and protection for consultancy firms. They ensure that the company’s IP is protected, maintained, and renewed when necessary. They also ensure that the company’s IP is being utilized to its fullest potential, generating revenue, and adding value to the company.
Requirements for an Effective IP Manager
So, what are the basic requirements for an effective IP manager? First and foremost, they should have experience in IP management and should be familiar with the best practices in IP identification and protection. They should have excellent communication and leadership skills, be able to work effectively with cross-functional teams and have a good understanding of the company’s business strategy and objectives.
In conclusion, IP managers play a vital role in the success of a consultancy firm. They develop, maintain, and implement the best practices in IP identification and protection. Your firm’s IP is what separates you from the rest. Without it, you will not be able to increase your company’s equity value significantly. So, if you want to grow your IP and products, appoint someone who can take over this job for you!
We’d like to hear from you. Do you have an IP manager in your firm? If so, what do you think are the basic requirements in order to become effective in IP management? Let us know in the comments what you think! We’re eager to hear from you. And don’t forget to join Loading Growth’s new Facebook Group where expert and seasoned consultants are joining to discuss the best practices in the IT consulting industry.
