Embedding IP In A Business Plan

Essence of every business lies in its planning. We know it as a 'Business Plan'. On a bird's eye view, a business plan defines the company's objectives for sustenance and growth. A business plan deals with, amongst other matters, with objectives such as management, operations and growth of the business. On a similar framework, the ideal business plan should have a well defined IP strategy in the similar order, i.e. management, operations and growth.

Any well defined IP strategy has five basic elements. These include:

• Recognition of the IP
• Securing the IP
• Registering the IP
• Protecting the IP and
• Exploiting the IP

The first four elements closely relate to the operations and management aspect of the business plan, whereas, the last element exclusively deals with the growth objective of the plan.