Intellectual property: Know how to capture your know-how

Traditionally, they are seen as value-adding, but many fail to realise the unwanted attention patent applications can bring from competitors, and the importance of engaging qualified professionals to advise throughout the process. Worryingly, many ‘think' they know what they're doing when it comes to protecting technology.

My own view is that these applications are only valuable if there is a high probability of the patents being granted. Even if granted, a patent will only allow a company to operate in the market which it has decided to attack. It doesn't protect the business from competitors modifying the great technical work that has been achieved and applying it in alternative industries.

Business know-how, on the other hand, can be more powerful and more valuable than the patent claim itself.

Joining the dots

Know-how can be as simple as a piece of knowledge in an engineer's head or a selling process that is unique in that particular environment. While in the day-to-day grind they seem trivial, these processes and ideas can be hugely valuable, and greatly impact a company's bottom line. However, how often do business leaders implement a procedure where the know-how is listed, and cross referenced to patent applications and client problems? Those that aren't capturing their know-how are missing a trick.

Typically, it's easy for directors and employees to take for granted the know-how that is built up, and these key assets are not typically associated with valuable intellectual property. We must always strive to document this know-how as it emerges. As the knowledge becomes embedded in the organisation it can be difficult to list or extract, with key elements lost or focus dulled over time.

Only when a business has a complete intellectual property portfolio, including patent applications and know-how, which is cross referenced with client needs, is true value delivered.

Essentially, a technology, process, procedure or piece of knowledge is not useful in isolation. Only when these elements are combined and focused to form a cohesive proposition, can technology-led businesses enjoy significant growth.

The next step for businesses is being able to communicate their IP portfolio to customers, potential investors and those that are not involved in the business on a day-to-day basis. It's a tricky task that may be fuel for another blog. On to the next and most common business challenge — communication.