Which  Intellectual Assets Should be Part of a Business Strategy?

Identifying which intellectual assets to incorporate into a business strategy is an important decision that can have significant implications for the success of the business. It is important to consider the value that these assets will bring to the business. Consequently, you need to consider assets in light of your business goals and the specific assets you have available.

Here are some steps you can follow to choose which intellectual assets to incorporate into your business strategy:

1. Identify your business goals and objectives. The first step is to clearly define your business goals. This will help to determine how intellectual assets can help you achieve those goals. This may involve considering how to leverage your intellectual assets to create value or gain a competitive advantage. This will help you determine which intellectual assets will be most valuable in achieving these goals.
2. Assess your intellectual assets. Next, assess your current intellectual assets to determine which ones may be most valuable to your business strategy. They will be the ones that have the most potential value and can used to support your business goals. It is useful to link intellectual assets to strategic objectives and strategic goals. This shows which are important to achieving them. Causal mapping can be a useful tool in helping identify how assets are connected to strategic goals.
3. Understand your industry and competitors. It is important to understand your industry and your competitors. This may involve conducting market research to understand industry trends and the competitive landscape. Understanding how your intellectual assets compare to those of your competitors will help identify those that are most valuable and relevant to your business. It will also help you understand how you can use them to differentiate your business in the market.
4. Determine the value of your intellectual assets. Having identified your business goals and understood your industry and competitors, it’s time to assess the value of your intellectual assets. This includes considering the potential revenue that these assets could generate through licencing, for example. It also includes any other value they may bring to the business, such as a competitive advantage or enhanced reputation.
5. Consider the resources required to protect and monetise your intellectual assets. It is important to consider what resources you will need to protect and monetise your intellectual assets. This may, for example, include legal fees as well the cost of marketing and licensing your assets.
6. Assess the potential benefits and risks. You should also carefully evaluate the potential benefits and risks of incorporating each intellectual asset into your business strategy. This includes considering the likelihood of successful monetisation and the potential risks of failure.
7. Make your decision. Based on your assessment of the value, resources required, and potential risks and benefits of each intellectual asset, you can then make a decision about which assets to incorporate into your business strategy.

By following these steps, you can choose which intellectual assets to incorporate into your business strategy in a way that supports your business goals. This helps maximise the value and impact of these assets for your business. The next step is understanding how to incorporate intellectual assets into a business strategy.