Monday, 12 October 2015

Mind your own IP business -- but first find your opportunities

"Biz Dev for IP Firms" is the somewhat informal title of a fairly serious paper prepared by Donal O’Connell, which we are pleased to share with our readers. Donal, for the record, is no random person. Formerly a Vice-President of Research & Development and a Director of IP at Nokia, he is the author of Inside the Patent Factory: The Essential Reference for Effective and Efficient Management of Patent Creation, published by Wiley in 2008, and and Harvesting External Innovation: Managing External Relationships and Intellectual Property, published by Gower in 2011.  An Adjunct Professor in the Imperial College Business School, London, Donal also works alongside the Aistemos team on a range of IP Strategy initiatives.

This paper, which is in a reader-friendly format and covers just seven sides of A4, sets the IP-led opportunities for business development within the wider context of issues that IP service providers must tackle, offering a simple two-by-two matrix which each can use in order to give its own IP-based opportunities a meaningful framework. Donal concludes:
"Business development can be many things. It really depends on the IP Firms, their current state and their strategic objectives. In my mind, however, the role of business development is to find new strategic opportunities for the IP Firm and start the IP Firm on the path to execute. It is not uncommon for business developers to have a combination of strategy, marketing & sales, finance, legal, and operations background as depending on the strategic objectives, the role may involve partnership development; strategic market development and sales; strategic marketing; mergers, acquisitions, and financing; new business line exploration; channel sales and/or new product or service development.

Of course there will be some differences between boutique IP Firms with limited resources and larger IP Firms in how they approach business development. That said, there seems to be a lack of general knowledge and awareness and poor skill and competencies in the IP profession in this area of business development. Even the larger IP Firms who often employ non attorneys to conduct business development can improve".
You can read "Biz Dev for IP Firms" by clicking here. Do let us know what you think of it.

No comments:

Post a Comment