OSPE - The Voice - Fall 2013 - (Page 26)

ENGINEERING INTEllIGENCE Part 1 of a two-part series 8 BEST PRACTICES FOR INTELLECTUAL ASSET MANAGEMENT By Dave Tyrrell, P.Eng, & Gary Floyd, PhD Following are eight easily implemented best practices for IA management that can benefit not only businesses seeking to establish an IA management program but also those seeking to review their existing protocols. In this issue of The Voice the first four best practices will be discussed. Independent studies show that intellectual assets (IA) often account for 75 per cent or more of the value of a business. In fact, they can be the most valuable assets that many businesses possess. For this reason, careful attention to their management is clearly EIGhT EASy-TO-IMPlEMENT bEST PRACTICES FOR INTEllECTuAl ASSET MANAGEMENT 1. Identify and catalogue your intellectual assets 2. Develop trade secret and patent strategies, as well as an IA management plan 3. understand the consequences of intellectual asset ownership arising from employment and consulting agreements. warranted. Effective IA management 4. Establish an invention award policy is particularly critical to companies 5. Utilize non-disclosure agreements whose competitive edge hinges on 6. Establish proprietary information protection procedures the development and application of 7. Strategically license out your technology and license in technology advanced technologies. Effective IA management pro- from others 8. Enforce your patent and trademark rights and copyrights vides a competitive advantage and maximizes the value of a company's intangible assets, which need to be: * Fully identified * Suitably safeguarded * Strategically applied Most organizations have protocols in place to ensure that they are employing best practices for business tasks such as quality assurance, safety, inventory control and human resource management. However, these same companies often have no program in place to manage their most valuable properties - their intellectual assets. 1. IDENTIFy AND CATAlOGuE yOuR INTEllECTuAl ASSETS When the topic of intellectual assets is raised, patents and trademarks generally come to mind. Most companies will be able to readily identify patents and trademarks that they own. Less simple to identify - and often more valuable - are a company's trade secrets, which typically refer to technical information such as product formulations, specifications and manufacturing processes. These can also include business information such as financials and marketing plans. Trade secrets can be more challenging to pinpoint, but they can provide a considerable competitive advantage. If they are not catalogued and managed properly, valuable trade secrets can be lost. Best practices for identifying and cataloguing intellectual assets involve two major undertakings: 1. Create an inventory of all patents, trademarks, copyrights, industrial designs and trade secrets. Ensure these are fully documented. 2. Strategically utilize legal protections for your documented intellectual assets. 2 6 TheVoice Fall 2013

Table of Contents for the Digital Edition of OSPE - The Voice - Fall 2013

OSPE - The Voice - Fall 2013
Contents
Viewpoint
Newsbytes
Engineers of Influence/WEAC Fall Forum
OSPE-PEO Chapter BBQs
Tom Anselmi, P.Eng.
Profile: Bill and Bob Goodings
The 66th Annual Professional Engineers Awards Gala
Now Hiring Engineers?
Preparing New Grads for Employment
Canada’s Engineering Labour Market
Point & Counterpoint
Tackling Transit
OSPE Political Action Network in Full Swing
Energy Planning
Elliot Lake Inquiry
Intellectual Property
Learn, Develop, Grow Your Career
Grow Your Engineering Team

OSPE - The Voice - Fall 2013