Building such a fortress around the invention makes it difficult for others to use the invention without getting a license. Depending on the policy of the organization and the type of the invention, the organization can then grant either exclusive or nonexclusive licenses to use the product. There are several ways to protect IP, but one should always remember that protecting IP is expensive. Therefore, an organization needs to think carefully about its competitors, likely infringers, and the geographical area where the invention is to be marketed. Sometimes keeping an invention as a trade secret might be the cheapest way to protect it. Sometimes patenting, even if more expensive, might give better protection. Finding the best way to build and protect an IP portfolio requires imagination, in addition to a thorough knowledge of the company and its product lines. A comprehensive IP portfolio can be of substantial value to both private and public sector entities. For both sectors, patents are a key element of an IP portfolio. Large companies can afford an offensive patent strategy, but small companies may not have the necessary resources for this. Therefore, especially for small- and middle-sized companies, proper planning and parallel thinking is required to develop an effective and cost efficient strategy. Join the IP Street community and learn more about protecting your intellectual property. We have developed a comprehensive network of patent lawyers to connect you to others that can help license, protect and commercialize your idea. Patent infringement is a serious threat and protecting your invention or patent idea is critical.

Ignorance is not bliss. Before any significant moneys are spent on R&D or Product Development, a basic FTO (freedom to operate) search you be performed to ensure the idea, technology, or product is not infringing the IP rights of another party. IPstreet.com's search tools will help you avoid third-party infringement.

Joseph Schumpeter, known as the Prophet of Innovation, describes the importance of inventors in his Theory of Economic Development. Inventors are the "fiery-spirits" that disrupt the status quo with their vision of doing things 'better, faster, cheaper.' In the process, their inventions represent "the heroic intervention of individual men (or women) who appear as leaders toward new economic shores." We believe that intellectual assets, commonly taking the form of patented technology, are the least-understood and most-relevant resources to stimulate economic development through innovation. To make this happen, intellectual property (IP) needs to be more comprehensively understood so that better business decisions can be executed. This is why we are in business. An invention must have economic utility to benefit society. Some times, inventions are way before their time. However, most of the time, the business execution to commercialize the invention fails. In fact, those that conceptualize the invention rarely reap the rewards of the innovation's ultimate success.

Executives need vision to convert patented R&D into a profit center. Consider EMI, a london company that produces music (a music label company). In their Central Research Laboratories in Hayes, Godfrey Hounsfield had an idea to integrate X-ray slices to create a 3-D image (originally known as an EMI scan), today know as a CT or CAT scan. Godfrey was awared a Nobel Prize for his work, and later knighted. The idea came to him while picnicking in the park; however, the senior executives realized this was no picnic. They leveraged the technology (foundation patent #3,778,614), securing over 120 of the first 450 patents in this space. The legacy competitors (General Electric, Philips, Siemens) were playing catch-up with this innovator. Few executives would be brave enough to execute such a divergent business strategy.

We are a very young company. Like many entrepreneurial ventures, we are just getting started. We view this initial offering of tools as foundational to providing great service to our customers. But, these tools are just the beginning. We have a product roadmap for IP Street that extends well over the horizon, and we commit to ongoing innovation. Accordingly, we hope to add partners as we continue to develop and add new capabilities and services. If you would like to join us in building a solution that benefits the innovation economy, please become a partner today.