Intellectual Property (IP)
ABOUT
Summarizing Intellectual Property.
Intellectual Property, otherwise known as IP, is the legal framework that protects innovation and secures the value of creative work. At its core, IP ensures that original ideas, inventions, and solutions are treated as assets giving businesses and inventors both recognition and control over how their work is used. Imagine spending years developing a novel solution to a problem, only to have someone else exploit it commercially without permission. Patents address this risk by granting inventors a property right over their creation whether it’s an idea, formula, machine, or even a plant. Once the panted is granted, it ensures others are excluded from making, using, or selling the invention within the territory that issues the patent. In exchange for this protection, inventors disclose their innovation publicly, creating both accountability and a limited-term safeguard that preserves the integrity of their work while opening opportunities for commercial growth. A granted patent remains one of the most powerful tools U.S. businesses have to retain ownership of their innovations.
ABOUT
Summarizing Intellectual Property.
Intellectual Property, otherwise known as IP, is the legal framework that protects innovation and secures the value of creative work. At its core, IP ensures that original ideas, inventions, and solutions are treated as assets—giving businesses and inventors both recognition and control over how their work is used. Imagine spending years developing a novel solution to a problem, only to have someone else exploit it commercially without permission. Patents address this risk by granting inventors a property right over their creation—whether it’s an idea, formula, machine, or even a plant—ensuring that others are excluded from making, using, or selling the invention within the territory that issues the patent. In exchange for this protection, inventors disclose their innovation publicly, creating both accountability and a limited-term safeguard that preserves the integrity of their work while opening opportunities for commercial growth. A granted patent remains one of the most powerful tools U.S. businesses have to retain ownership of their innovations.
CONSIDERATIONS
Why It Matters.
For businesses, IP is more than a legal safeguard, it’s a strategic asset that can define competitive advantage. Patents and other forms of IP not only protect against imitation but also create opportunities to monetize innovation through licensing, partnerships, or direct commercialization. For many companies, especially those in technology, life sciences, or manufacturing, IP becomes one of the most valuable components on the balance sheet. However, securing and maintaining these rights requires thoughtful planning, compliance with complex regulations, and a long-term strategy. Companies that neglect to protect their innovations often leave revenue, market share, and bargaining power on the table.
CONSIDERATIONS
Why It Matters.
For businesses, IP is more than a legal safeguard, it’s a strategic asset that can define competitive advantage. Patents and other forms of IP not only protect against imitation but also create opportunities to monetize innovation through licensing, partnerships, or direct commercialization. For many companies, especially those in technology, life sciences, or manufacturing, IP becomes one of the most valuable components on the balance sheet. However, securing and maintaining these rights requires thoughtful planning, compliance with complex regulations, and a long-term strategy. Companies that neglect to protect their innovations often leave revenue, market share, and bargaining power on the table.
THE PROCESS
From Idea to Protection.
Securing a patent is a detailed process that transforms an idea into a legally protected asset. While inventors can attempt filings on their own, experience shows that working with professionals pays off significantly in saved time, cost, and long-term protection. The journey often begins after a thorough description of the “art” is complete, with a prior art search to confirm whether similar claims already exist. From there, a carefully crafted patent application is written to meet examination standards while safeguarding sensitive strategic details. Once submitted, the application enters an examination and defense phase, where each claim must be justified before the Patent Office. Depending on complexity and jurisdiction, this process can take months or years, with typical costs ranging from $5,000 to $30,000 for a utility patent through the USPTO. Though rigorous, the process ensures your innovation is shielded from competitors and positioned for future commercialization. International patent filings assure protection in other venues.
In 2024 alone, over 325,000 patent applications were filed with the U.S. Patent and Trademark Office
PATENT TYPES
Picking Your Patent Pathway.
Not all inventions are the same, and the U.S. Patent and Trademark Office recognizes this by granting different types of patents. Each serves a unique purpose in protecting the way ideas, designs, or discoveries are brought to life.
Utility
Patents
The most common form of protection, utility patents cover new, useful, and non-obvious processes, machines, manufactured components, chemical compositions, or improvements to existing technology. They secure the function of an invention and are often the foundation of technical innovation.
Design
Patents
Design patents protect the unique, original, and ornamental appearance of a product rather than its function. This type of patent ensures competitors cannot copy the distinct “look and feel” of your design.
Plant
Patents
A plant patent safeguards new and distinct plant varieties that can be asexually reproduced. From agriculture to horticulture, this patent ensures credit and rights remain with the innovator of the discovery.
Provisional Patent Applications
A provisional application is a cost-effective, temporary placeholder for a utility patent. It establishes an official filing date and provides 12 months of “patent pending” status, giving inventors time to refine their invention or prepare a full non-provisional application.
TRUST EXPERTS
Generalists Won't Cut It.
IP protection requires specialized expertise to ensure that patents are not only obtained but also defensible against infringement. Experienced IP professionals streamline the complex process of researching prior art, identifying potential conflicts, and drafting applications that meet stringent agency requirements. Their guidance leverages attorney-client privilege for all communications, fosters efficient and proactive engagement with patent examiners, and builds a documented history that strengthens future enforcement or defense efforts. Working with experts provides both strategic clarity and long-term protection, transforming innovation into a valuable, enforceable asset. While generalists may offer a seemingly easier or less expensive path, cutting corners in patent filing and defense carries significant risks. Entrusting the right team can make all the difference in safeguarding your company’s future.
- Strategic Patent Drafting
- Prior Art & Conflict Analysis
- Proactive Examiner Engagement
- Documented IP History
- Long-Term Defense & Enforcement
Strategic Insights by BDC.
To explore Intellectual Property in greater depth, read this observation piece directly from our Founder’s desk. Strategic Insights by BDC brings together voices from our Collaboration Network to share real, actionable perspectives on growth, value, and strategy. If you’re leading a business or advising one, take a moment to dive in and find insights worth applying.
Intellectual
Property
Consulting
Better
Be
BDC.
BDC is proud to include Intellectual Property Consulting among our core service offerings. Strong IP can be the difference between a defensible market position and missed commercial opportunities, enabling companies to protect, monetize, and scale their innovations effectively.
Through our collaborative network, we engage seasoned professionals across patent law, licensing, IP strategy, and commercialization. BDC works with you to identify, structure, and safeguard your IP portfolio, assembling the right expert team to transform ideas into valuable, market-ready assets that enhance both competitive advantage and long-term enterprise value.