{"id":218133,"date":"2022-10-24T18:19:15","date_gmt":"2022-10-24T05:19:15","guid":{"rendered":"https:\/\/legalvision.co.nz\/?p=218133"},"modified":"2022-10-24T18:19:17","modified_gmt":"2022-10-24T05:19:17","slug":"tips-managing-your-ip","status":"publish","type":"post","link":"https:\/\/legalvision.co.nz\/intellectual-property\/tips-managing-your-ip\/","title":{"rendered":"5 Tips From a Lawyer For Managing Your IP in NZ"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">As an intangible asset, your intellectual property (IP) is one of the most important assets of your business. Just like you would protect your tangible assets, you must also take steps to protect your intellectual property. As a business owner, you might have taken steps to register certain trade marks, like your business name. However, trade mark registration is only the first step to protecting your IP. Ongoing management and strategy are necessary to maintain the value of your IP long-term. This article will take you through five tips for managing your IP.\u00a0<\/span><\/p>\n    <div class=\"my-7 lg:my-10 border-y-2 border-gray-100 py-7 lg:py-10 flex flex-col sm:flex-row items-start gap-10\">\n                    <img decoding=\"async\" class=\"w-52 mx-auto my-0! rounded\" src=\"https:\/\/img.legalvision.com.au\/wp-content\/uploads\/sites\/2\/2021\/10\/28132215\/trade-mark-essentials-NZ.jpg\" alt=\"Front page of publication\"\n                 loading=\"lazy\" width=\"208\" height=\"298\">\n                <section>\n            <div class=\"text-2xl font-bold\">Trade Mark Essentials in New Zealand<\/div>\n            <div class=\"body-text\">\n                <p>Our free Trade Mark Essentials in New Zealand guide explains how to register and defend your trade mark registration.<\/p>\n            <\/div>\n            \n\n<a href=\"https:\/\/go.legalvision.co.nz\/nz-trade-mark-guide.html\" class=\" block px-5 py-3.5 max-w-fit bg-orange button__hover transition rounded text-white font-bold text-lg no-underline uppercase leading-tight text-center\" target=\"\" rel=\"\">Download Now<\/a>        <\/section>\n    <\/div>\n\n<h2><span style=\"font-weight: 400;\">1. Develop a Strategy<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Once you have identified what IP assets you have, you will need to take steps to protect them. For example, this might include registering your trade marks with the <\/span><a href=\"https:\/\/www.iponz.govt.nz\/\"><span style=\"font-weight: 400;\">Intellectual Property Office of New Zealand<\/span><\/a><span style=\"font-weight: 400;\"> (IPONZ).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In conjunction with protecting your assets, you should develop a strategy for the ongoing management of your IP. A well-devised IP policy will:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">include a way to track your IP;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">implement measures to monitor your IP; and<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">help you understand how to revise your IP.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Such a policy will avoid confusion about the management systems you have in place, ensuring none of your IP assets slip through the cracks. In addition, this will increase administrative efficiency by making it easy to access and share information about your IP and help you identify when your IP needs to be renewed and reassessed.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">2. Monitor Your Assets\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The next tip is to <\/span><a href=\"https:\/\/legalvision.com.au\/monitor-intellectual-property-rights\/\"><span style=\"font-weight: 400;\">monitor your IP assets<\/span><\/a><span style=\"font-weight: 400;\">. Regular monitoring should include checking for unauthorised use of any of your IP assets. If you identify unauthorised use, you should take action to prevent damage to your business. This might consist of sending a <\/span><a href=\"https:\/\/legalvision.com.au\/what-is-a-trade-mark-cease-and-desist-letter\/\"><span style=\"font-weight: 400;\">cease and desist letter<\/span><\/a><span style=\"font-weight: 400;\"> or taking matters to court, if necessary.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Further, you should also conduct internal monitoring of your IP. Importantly, ensure that all staff know what information is confidential and how they should use IP assets. Monitoring your IP also includes checking that your registrations are all up to date.<\/span><\/p>\n\n<a href=\"#content-next\"\n   class=\"block p-4 mt-10 text-xl font-bold text-center text-white no-underline bg-gray-800 rounded-t-xl\">\n    Continue reading this article below the form\n    <i class=\"text-xl fa-regular fa-arrow-down\"><\/i>\n<\/a>\n<div class=\"px-6 pt-10 pb-12 mb-10 text-center bg-gray-100 rounded-b-xl sm:px-12 test\">\n    <div class=\"mb-8 text-2xl font-bold text-orange\">\n        Need legal advice?\n        <br>\n        <span class=\"text-lg not-prose\">\n                            Call <a href=\"tel:+64800005570\" class=\"not-prose\">0800 005 570<\/a> for urgent assistance.\n                <br>\n                Otherwise, complete this form, and we will contact you within one business day.\n                    <\/span>\n    <\/div>\n\n    \n\n<div class=\"not-prose flex justify-center text-left gform_input_bg_white    \">\n    <script>\nvar 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Conduct Regular Reviews\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Next, you should review your IP regularly. This might include looking at all your IP, checking what you use and deciding to stop investing in certain elements. Regular checks aim to prevent you from making unnecessary investments into IP maintenance resources that are not bringing your business any value.<\/span><\/p>\n<div class=\"box box--icon box--info\">\n<p><span style=\"font-weight: 400;\">Reviews are also a good opportunity to check for gaps in your IP portfolio. For example, you might realise that while you are not using certain IP aspects, you need to register a different brand element that would bring more value to your business.\u00a0<\/span><\/p>\n<\/div>\n<p><span style=\"font-weight: 400;\">If you are not using your IP and it is draining your resources unnecessarily, you might still be able to commercialise it. For example, you could <\/span><a href=\"https:\/\/legalvision.com.au\/use-ip-licence-agreement\/\"><span style=\"font-weight: 400;\">grant a license<\/span><\/a><span style=\"font-weight: 400;\"> for its use to another person or company.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">4. Implement Management Software<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">For large businesses with a robust IP portfolio, management software is one way to make IP management easier. Some companies purchase IP management software or subscribe for manual IP monitoring. This makes it easier for you to manage all aspects of your IP, including monitoring, revising and reporting.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Such management tools can also track important dates such as IP renewal dates to ensure you do not miss any deadlines and any disputes regarding your IP.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">5. Prepare Reports<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Finally, preparing IP management reports gives you a framework to assess the effectiveness of your IP management system. For example, this report might include the following:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">a financial and efficiency evaluation of your existing IP management system;\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">a breakdown of your IP management and administrative costs;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">changes to the use of your IP;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">infringement on your IP and how this was managed; and<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">any infringement on another party\u2019s IP and how this was addressed.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Key Takeaways<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Ongoing management and strategy are needed to maintain your IP\u2019s value in the long term. Some tips to consider when managing your IP include ensuring you:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">develop an IP strategy;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">monitor your assets;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">conduct regular reviews;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">implement management software; and<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">prepare reports.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If you need assistance managing your intellectual property, our experienced <\/span><span style=\"font-weight: 400;\"><a href=\"https:\/\/legalvision.co.nz\/ip-lawyers-lp\">IP lawyers<\/a> c<\/span><span style=\"font-weight: 400;\">an assist as part of our LegalVision membership. For a low monthly fee, you will have unlimited access to lawyers to answer your questions and draft and review your documents. Call us today on <a href=\"tel:+64800005570\" class=\"AVANSERnumber dynamic-number\">0800 005 570<\/a> or visit our <\/span><a href=\"https:\/\/legalvision.co.nz\/membership\/\"><span style=\"font-weight: 400;\">membership page<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Frequently Asked Questions<\/span><\/h2>\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1666588452632\"><h3 class=\"schema-faq-question\">What is intellectual property management?<\/h3> <p class=\"schema-faq-answer\">Intellectual property management refers to the systems in place that identify, protect and monitor your intellectual property.\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1666588466290\"><h3 class=\"schema-faq-question\">Why should I manage my IP?<\/h3> <p class=\"schema-faq-answer\">Managing your IP is a critical part of the life cycle of your intangible assets. For example, developing effective systems that enable you to monitor, assess, and report on your intellectual property is essential to ensure it is protected and put to good use.\u00a0<\/p> <\/div> <\/div>\n","protected":false},"excerpt":{"rendered":"<p>As an intangible asset, your intellectual property (IP) is one of the most important assets of your business. Just like you would protect your tangible assets, you must also take steps to protect your intellectual property. As a business owner, you might have taken steps to register certain trade marks, like your business name. However,<a href=\"https:\/\/legalvision.co.nz\/intellectual-property\/tips-managing-your-ip\/\">Continue reading <span class=\"sr-only\">&#8220;5 Tips From a Lawyer For Managing Your IP in NZ&#8221;<\/span><\/a><\/p>\n","protected":false},"author":13267,"featured_media":215595,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"208673,1664,204598,205074,204429,1738","_relevanssi_noindex_reason":"","editor_notices":[],"footnotes":""},"categories":[2],"tags":[25,54,1089,1167,1593],"class_list":["post-218133","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-intellectual-property","tag-small-business","tag-medium-business","tag-ip-ownership","tag-ip-portfolio","tag-monitor-ip-assets"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>5 Tips From a Lawyer For Managing Your IP | LegalVision NZ<\/title>\n<meta name=\"description\" content=\"Ongoing management and strategy are needed to maintain your IP\u2019s value in the long term. 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