How do you form a long-term IP strategy?

An Intellectual Property strategy is a plan of action to manage and protect the intangible assets of an entity. Every business has unique challenges that require a tailored IP strategy.

Long-term IP strategies include an analysis of IP in question, IP protection and potential market for that IP. It also involves additional levels of IP monitoring, such as gaining insights into competitor market strategies, obtaining evidence for legal action against infringement, and enforcing IP so as to gain a competitive edge in the market.

If you are at an initial stage of your business, after going through ideation and product development stage, you can focus on IP protection for securing your assets and IP commercialization for effective market entry. 

The IP strategy evolves with business goals and should be reviewed regularly. Needless to say, any effective long-term IP strategy is a multi-faceted, resource-intensive roadmap for the product and its commercialization.