The Hazard of Phenomenal Success

Previously, we have seen how even some large firms do not have a formal IP Strategy.

We have looked at how entrepreneurs can plan for success by making provision for IP rights they will need even if they do not develop them along the way to success.

But what if you are wildly successful?

 What could go wrong?

 Well, plenty actually.

What entrepreneurs forget

The history of entrepreneurship is replete with tales of failure. Failure followed by dusting yourself off, getting up and trying again.

It may not be catastrophic failure. Sometimes it is trial and error ... testing what works and what doesn't ... changing the mix ... until the recipe for success reveals itself.

What are the implications for IP? Well, I mentioned in the previous post that few firms - large or small - have broad awareness of IP strategy.

Consider what this means for entrepreneurial firms who eventually make the grade.

IP Strategy and awareness in the UK

The UK Intellectual Property Office has invested a lot of effort into raising awareness among UK firms. The primary focus has been on micro, small and medium sized firms on the assumption that larger firms have a higher level of awareness.

A survey published in 2006 confirmed the assumption. IP awareness increased with the size of firm. The same research was repeated in 2010 and yielded similar results about awareness as well as marking an increase in the overall awareness in the intervening period.

This didn't surprise me. I have commented previously about the prevailing climate that promotes such awareness.

What really surprised me was the low level of firms with an IP strategy.