Intellectual property is a complex subject. The challenge for innovators whether individuals or businesses is to have a sufficient understand intellectual property and to become effective managers of intellectual property.

This will involve sufficient knowledge about such things as

• intellectual property in all its diverse forms in business and the legal rights which protect the intellectual property;

• how intellectual property protection rights are obtained and managed;

• the ways in which these rights can be lost;

• how intellectual property can be bought and sold, and used for income generation;

• how to put a value on intellectual property in a business context.

You don’t need to be an expert. You will need expert professional advice. But you should have enough knowledge to be able to

• develop and put in place an effective strategy and process for management of any intellectual property in the business; and

• be able to work effectively with expert professional advisors and to manage what they are doing for you.

Like all plans and strategies, how you manage intellectual property will be unique to your circumstances. But we think the starting point is the same for everyone and that is sufficient knowledge about intellectual property.