All businesses have some intellectual property (IP), and most can do with a better IP strategy. For a better IP strategy it helps to ask the right questions.  Apply this IP strategy test comprising 10 practical questions for a business or idea based on IP.

This top 10 list is based on tracking what worked in hundreds of client matters I have personally conducted. It's not definitive but it's a good list to begin an IP strategic planning exercise. Use it to plan, manage and exist from the commercialisation path in your business.

Effectively implementing IP strategy

Among the best moments in art, creativity and invention are those involving raw expressions. However, for ownership and control purposes, law helps those who add strategy and legal precedents.

Answers to the top 10 list lead to the development, documentation and implementation of IP strategy. 

Krak des Chevaliers, Syria. Photo: Hugues de Saint Salvy (Flickr)

Store the IP crown jewels near the centre of your business castle. They may be patents, a set of copyrights, confidential information or something else under IP law. Build walls to block competitors, infringers, freeloaders and pirates.  

Recommended in the top 10 list are walls built with law (eg questions 1, 2, 3, 4, 7 and 8 refer to law such as contracts and legal documents).

Also recommended are walls built with management know-how (here see questions 5, 6, 7, 9 and 10). These walls include those built from cash flow, strong organisational culture, and good and ethical relationships with family members, staff, directors, investors, shareholders, customers, suppliers, licensees and other collaborators.

Executives and professionals in HR, finance, IT, legal affairs and other functional areas of your business should be reminded that the walls are there to protect people and relationships between people and organisations, as well as the IP crown jewels. IP strategy, IP protection and organisational sustainability are enhanced by sharing the joy in your concentric castle.