Managing your Intellectual Property

Abstract

This chapter introduces you to the concept and practicalities of intellectual property: what it is and why it can be of importance to your newbusiness venture. Intellectual property (IP) will be at the heart ofmost businesses and it is a key element in achieving competitive advantage, enabling cash flowand justifying value. Sometimes it takes considerable financial investment to develop IP; some types of IP protection can cost a great deal of money; some types of IP protection are very low cost. All in all, IP is a very important element in the finances of a new and growing business and management needs to understand the key issues surrounding the decisions that will need to be made.