What is a database for intellectual property rights?

A database for intellectual property rights represents an organised way of storing information for all IP assets that one company or individual owns. Such a database is important because it allows these assets to be managed properly and their protection to be maintained successfully.

The database can include different sections depending on the type of intellectual property. Typically it would give easy access to the relevant information and the necessary flexibility for better efficiency.

Intellectual property databases are absolutely essential for every company or individual that possesses such assets.

Through such a database the owner can look over all of its assets, can follow the relevant deadlines for work with Patent Offices and business partners, can keep an eye on the different terms related to these assets, can work easily with its IP attorneys and customers, etc.

Without an IP database, the risk of missing deadlines or for example a term for renewing IP protection can rise significantly. What’s more, the owner will not know what IP assets possess and can miss opportunities for profiting from them or even can lose money.

The database gives a clear view of what you have and at the same time provides you with an option to manage your assets in a more efficient way.

If we put potential flexibility to the database this by itself can not only organize your assets but can save you time and money in the long run.

There are several options for the creation of an IP database:

  • A standard excel sheet — is probably the easiest way to build an intellectual property database. You can create a classic excel table where to fill in the whole information for your IP rights. The plus here is that this is a very easy way, however, there are several downsides. First of all the excel file doesn’t have reminders that can pop up or can be sent to your email. Even in case, there are some solutions for that you will need to put additional efforts in that regard. Another problem could be if you store this file locally on your computer you can lose it because of technical issues. And when the file becomes too heavy it can be troublesome to be managed.
  • A paid specialised software — is definitely the best option, because such software is built with the purpose of managing IP assets. There are two main downsides, however. The first is that such software is expensive in most cases, which could be a challenge for individual IP owners, small or even mid-sized companies. The other issue could be that the software can be complex requiring some specialised knowledge and training which could prove costly.
  • Adapted cloud-based applications — the third option is to use some cloud-based apps that, while not created specifically for database purposes, with some adjustments could be utilized to do the job. This is a good choice for individuals, freelancers, authors, and small- to mid-size companies and startups. In most cases, it doesn’t require a large budget and it can be used without serious training.

I’m finding this third option quite interesting and capable of doing the job. That’s why I created this a Udemy course in order to show you how to use one such free application, in this case, Asana, to create your own IP database which will serve you well for the purpose it is built for. I hope that you will like the course.

Now there is a promo code — 95% OFF — for the course, you can find it here

You can find a referral link to the course here too.

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