Discussion points from 'How do you identify, protect and exploit value within your business?'

I'm pleased to share some take-away thoughts from the August Threads discussion.

We got together for an open discussion around value exploitation and below is a little of what came out of the conversation.

On Wednesday 6th September, you can join us in central Bristol to explore 'How do you bridge the gap between sales & marketing and your ops teams?'. You can RSVP via the group MeetUp page.

"Patents are of limited value in themselves, although they may be traded as a currency among larger companies. It would have to be a very special collection of patents that convert to real value without the supporting knowledge, application and delivery."

"Investors and accountants often like patents as they can be counted, but patents provide only a limited way of demonstrating that you have IP. The real value likely lies in your people, your product and your customers."

"If you've developed some IP which seems both novel and key to the business, take a pragmatic contextual view before investing time and money in patenting. Think; do we need to protect this idea? And; what benefit will we gain from a patent for this IP?"

"Route to market will likely be your biggest blocker to extracting value from your IP. Understand and address this early, as upfront investment in sales and marketing is usually the best way to generate market interest."

"SME's are often advised to first get a business plan in place and then patent to protect ideas. Remember that this isn't mandatory! It's often better to prove the idea before adding formality. However, bear in mind that you can't validly patent anything in the public domain, including your own disclosures. Therefore, if you are interested in seeking patent protection, then keep quiet about the details of how it works."