What to expect

A good mindset for IP 3

In today's blog post, we delve into the importance of expectation management in the realm of intellectual property (IP). It's quite common to find that expectations surrounding an IP project or portfolio often diverge from reality. On one hand, there are individuals who anticipate immediate and remarkable results, while on the other hand, some approach the topic with little to no expectations, treating it merely as an intellectual exercise. In either case, these misaligned expectations can hinder the true potential of IP and impact the outcomes for all stakeholders involved.

Manage intellectual property expectations

One of the primary reasons why people may be underwhelmed by the initial impact of their created IP is because IP is inherently a long-term game. Building a valuable portfolio takes time, effort, and strategic planning. The strategic nature of IP necessitates staying ahead of the curve and anticipating future trends and developments. Consequently, it also takes additional time for the related products or innovations to gain relevance in the market. Unfortunately, this lengthy process often leads to a loss of interest and a sense of underappreciation among stakeholders.

To address this challenge, it is crucial to establish a routine of effective communication and engagement. Keeping stakeholders informed and involved throughout the IP filing process can help manage expectations and maintain their support. Regular updates on the progress of specific IP filings, milestones achieved, and granted patents can serve to maintain enthusiasm and demonstrate the value of the IP efforts. By actively involving others and providing transparency, you can foster a sense of investment in the IP project and cultivate long-term support from stakeholders.

Conversely, having no expectations at all is also not ideal for optimal results. While it is essential to approach an IP project with a level of realism, a certain level of drive and ambition is necessary to achieve success. When stakeholders have low expectations, the IP project can be treated as a secondary priority. This can result in missed deadlines, lack of commitment, and heightened time pressure when the underlying research project approaches its conclusion. The lack of enthusiasm and attention can significantly impact the overall outcomes of the IP project.

Build intellectual property knowledge

To counteract this, it is essential to address the root cause of low expectations, which is often a lack of knowledge about the subject. Taking the time to explain in detail how IP can support the related product or other business objectives can be highly beneficial. By providing comprehensive explanations and sharing relevant examples, you can help stakeholders understand the potential value and impact of IP. Furthermore, creating a clear link between IP and the overall business strategy helps emphasize the importance of the IP project and define a specific objective. Additionally, setting achievable goals aligned with these objectives provides stakeholders with a sense of direction and motivation, increasing their engagement and commitment.

Have you ever experienced misaligned expectations in an intellectual property project? How did it impact the outcomes and the stakeholders involved? Feel free to share your insights and experiences!