Top 10 Things Every Intellectual Property Manager Must Know

 It’s no secret that intangible assets such as creative ideas, products, or inventions make up a significant proportion of a company’s net worth. It thus makes sense to protect these valuable business assets from being replicated. This is where Intellectual Property (IP) managers play a crucial role. They are professionals responsible for creating strategies to manage the organisation’s intellectual property assets efficiently. An IP Manager’s job profile is complex and requires a cross-section of skills to succeed. If you are eyeing a high-flying career in this domain, these 10 traits can propel your career. 

  1. Managing IP Portfolio: The role of IP Portfolio Management is very significant within business entities. Managers capable of maintaining high-value IP portfolios via a pragmatic and strategic approach can help companies gain a competitive edge in the marketplace.
  2. Prosecution Skills: Prosecution refers to obtaining IP rights for patents, copyrights, and trademarks. It is a time-consuming process that involves preparing/drafting/filing applications and negotiating for approval.
  3. Patent Litigation: Contrary to popular belief, patent-related litigation is not just a legal issue but can also impact business prospects. The IP manager should have the technical know-how, business acumen, communication skills, and litigation experience to handle the matter deftly.
  4. IP Valuation: Intellectual property assets of an enterprise are accepted by potential investors as security to finance its growth. IP Managers must have the knowledge and skills to get an appropriate and justified valuation of the assets during the negotiating process.
  5. Time Management: IP Managers have to handle complex discussions, queries, instructions, and deadlines of multiple projects simultaneously. To ensure productivity doesn’t decline, they must be organised, stay focused, learn to delegate work, and manage time shrewdly.
  6. Technical Prowess: To succeed in this sector, the IP manager must possess some technical expertise. It can prove beneficial in handling patent work across a range of technologies, understanding a client’s invention, asking the right questions, assessing its validity, or providing advice on the likelihood of violation.
  7. Attention to Detail: A good IP manager should be diligent with a meticulous eye for detail. The ability to monitor legalities accurately and spot essential details can help one go a long way in this profession.
  8. Communication Skills: IP managers must have excellent written, spoken, and listening skills; apart from facilitating smooth interactions with team members, this trait helps in explaining complex matters to external parties such as patent offices, concisely and clearly.
  9. Discretion: This job involves trade secrets, design patents, and confidential projects. IP professionals must practice discretion and exercise caution to safeguard the company’s classified information.
  10. Analytical Mind-Set: IP Managers require a fair amount of analytical skills. They have to assess critical data, evaluate legal, commercial and scientific information, and use good reasoning to reach logical conclusions.

Convinced you’re cut out for this role? Opt for a 2-year Distance MBA in IT & Systems Management to kick-start your profession in Intellectual Property Management. An attractive professional choice, it is rewarding and intellectually challenging. 

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