1️⃣ Let’s assume that Donald orders the manufacture of a new industrial mould in Japan, for his company based in Cameroon. The model of the mould and its specific features have been entirely created by him in collaboration with his partner Pierre.
In order to save time, the partners chose to rely on personal trust and verbal agreement, they therefore did not clarify through a formal contract the broad of the assignment, the IP ownership, the dissolution clause, etc.
2️⃣ They also chose to postpone the protection of the IP assets both in Japan and in the OAPI region.
Unwittingly, this approach exposes their business to a number of IP risks, including the risk of having their IP stolen or finding themselves unwitting infringers.
How would Donald and Pierre avoid these risks? By adopting a proactive approach to IP risk management.
A proactive approach to IP risks management includes the following elements:
📌 identification of potential risks around the project at an early stage (risk of theft of intellectual property, confusion over ownership of IP rights…)
📌 assessment the impact of these potential risks on industrial activity (loss of competitive advantage, loss of turnover, etc.)
📌 risks mitigation by signing appropriate contracts and protecting IP rights
📌 risk monitoring and review (evaluating mitigation strategy and make adjustments).
Adopting such an approach contributes to improve the decision making process and adopt measures that keep company’s competitive advantage.
What steps have you taken to prevent and reduce IP risks?
