Social media influencers often spruik that an organisation’s vision is the key to success and the catalyst of new innovations. What they frequently forget to explain is how to transform that vision from a dream into reality.
A vision is created from many great ideas. It is these ideas that new innovations, in the form of products and services, are created to bring value to those in the marketplace. It is these ideas that form the basis of intellectual property (IP) which must be leveraged in a business strategy for execution.
Often it is a lack of IP knowledge when creating business strategies, that can expose an organisation to a variety of risks and leads to reduced exposure to opportunities. In an example, Kambrook invented the world’s first power board and rushed it to market. The humble power board subsequently became ubiquitous in the world, being found in nearly all business and households. Unfortunately for Kambrook, they failed to understand the value of their IP, leading to their power board being reversed engineered and mass-produced by others within weeks of it being released in the early 1970s.
Businesses can easily avoid this problem by appreciating the value of IP and incorporating it into their long-term strategy by following these 3 simple steps.
Step 1 – Identify
Identify all ideas with strategic and financial value and ensure that they are clearly recorded in an IP portfolio.
These ideas can be the branding elements that make up your core marketing campaign, the new product that solves a global problem, or a new fashion design which has never graced the catwalk. Jot them down, prioritise their importance and determine which of these ideas form the core IP of your business.
Step 2 – Pursue
Pursue IP rights appropriate for your ideas and leverage them to your strategic advantage.
IP rights are a multi-tool for leveraging key stakeholders. Whether your IP rights are in the form of copyright, design registrations, patents or trademarks, they can be used for a variety of strategic advantages. These advantages can be denying competitor access to the marketplace, enticing investors to finance your business, and negotiating strategic partnerships to scale your business.
Step 3 – Survey
Survey all IP, both internal and external, to find guidance in future strategic movements.
IP is continuously generating during your normal business activities and by others. IP and IP rights must be periodically surveyed to determine the direction your business is heading and whether you can overcome the competitors. A business may observe that their newly developed technologies may be combined with existing products to produce new innovations never seen before. Another business may observe that a competitor is using similar branding elements to siphon customers. A business strategy must be constantly updated, based upon surveyed IP, in order to control the marketplace and your competitors.
“You’ve got to eat while you dream. You’ve got to deliver on short-range commitments, while you develop a long-range strategy and vision and implement it. The success of doing both. Walking and chewing gum if you will.”
– Jack Welch –
A person’s mind is the most powerful device in existence. It can be used to invent and create new experiences never known before. These three simple steps enable you to embrace the power of the mind and use it to transform your vision into reality.