Registered trademark. A trademark is the legal basis for the development of brand identity, and as such can form a key part in the development and recognition of a business or product.
Considering IP in a business plan can, however, be only the starting point for actively managing this potentially valuable asset.
For some, active management means giving third parties access to their "IP store" through the execution of strategic and operational licensing plans.
One of the most attractive characteristics of doing this is that IP revenue is usually, by its nature, high margin.
Accordingly, this slug of bottom line revenue can have a dramatic effect on profits and also help to drive year-on-year growth; two attributes which help explain why active IP management is on the increase.
IP however also presents a number of other interesting possibilities.
Competitive edge
For those businesses looking to raise financing, IP can be highly valued by investors and analysts alike. For example, the number of relevant patents owned by a business can significantly affect its valuation, both pre and post a share floatation.
One of the most direct opportunities is the unique right of use provided by a patent, copyright or registered trademark.
This allows you to carve out a competitive position for your products and company.
Not only does this provide a good reason as to why IP should feature in your business plan, but also prompts the thought provoking question: what might be the IP strategy of your competitors, and what IP do they already own?
To ask Julian Nolan a question about how best to protect your firm's intellectual property use the email form below.
Alternatively you can email another member of our small business and entrepreneurship panel of experts by clicking on one of the links on the right.
The BBC may edit your comments and not all emails will be published. Your comments may be published on any BBC media worldwide.
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