Traditional views of intellectual property are too narrow for today’s innovation-driven economy. A more strategic approach considers not only IP assets but also the capabilities, programs, and defensive strategies that turn those assets into competitive advantages. Expanding the definition of IP allows organizations to better align innovation efforts with business goals, increase valuation, and mitigate risk.
Until recently, intellectual property (IP) was viewed much like any other form of property, as a set of tangible or legal assets. Even today, most organizations refer to global authorities like the World Intellectual Property Organisation (WIPO), which defines IP as:
“Creations of the mind: inventions, literary and artistic works, and symbols, names, images, and designs used in commerce.“
Intellectual property has been traditionally viewed simply as the assets realized through the process of creative innovation. This definition has shaped how IP is managed — often treated as the outcome of R&D, a legal asset to protect, or a checkbox for regulatory or investor requirements.
But in a competitive and commercially complex environment, that lens is too narrow. It doesn’t account for the rising complexity of IP risks — including the actions of competitors who are actively protecting, leveraging, or challenging IP in their own strategies.
To maximize value and stay resilient in the face of disruption, companies need a broader understanding of IP — one that treats it not just as an outcome but as a core organizational capability.
The time to rethink intellectual property as more than a static collection of patents and trademarks is now. Instead, organizations should treat IP as a strategic function; one that actively supports innovation, accelerates growth, and enhances business performance.
This broader view includes the strategies and tools used to develop, build, maintain, and extract value from “creations of the mind” that your organization owns. Examples are:
When these systems are in place and aligned with business priorities, IP shifts from a passive legal function to a dynamic growth enabler.
Strategic IP management also means defending against threats, not just registering and retaining your own rights.
Today’s organizations must keep pace with competitor activity, regulatory changes, and IP litigation risks. This means incorporating external-facing tools and strategies, such as::
Companies that only react to external IP threats — or rely solely on legal firms without internal strategic oversight — often miss key signals, face avoidable disputes, or fail to defend valuable innovation.
A well-rounded IP strategy considers both offence and defence, integrating legal, technical, and business perspectives.
When viewed holistically, intellectual property is not just a legal asset — it becomes a lever for value creation across multiple functions.
A strong IP strategy can:
Too often, companies miss out on these benefits because IP is siloed within legal or R&D. But when IP strategy is integrated into executive decision-making, it enhances agility, defensibility, and strategic clarity.
It also helps organizations anticipate — and respond to — how competitors are using their own IP portfolios to shape markets, block access, or influence investor confidence.
Despite recognizing the importance of IP, many organizations lack a clear understanding of what IP they already own — or whether it’s being managed effectively.
That’s why Stratford offers the Internal IP Audit.
This diagnostic engagement helps organizations:
For innovation leaders under pressure to deliver results, this audit is a practical first step toward building an IP strategy that supports growth — not just compliance.
Organizations can no longer afford to treat IP as a passive, protective measure. In today’s competitive landscape, IP must be managed as a strategic business capability — one that is deeply integrated with innovation, product development, and executive decision-making.
By broadening how we define, manage, and activate intellectual property, companies can:
Stratford’s Internal IP Audit helps identify and catalogue all internally owned and managed IP — the critical first step toward turning your intellectual assets into a competitive advantage.
When paired with an external IP landscape analysis, organizations gain a 360-degree view: what they own, what their competitors are protecting, and where hidden risks or untapped opportunities exist.
👉 Learn more about the IP Audit or get in touch with our IP strategy team to discuss your next move.
This article was originally published in 2012 as "A New Understanding of IP Within a Competitive Environment". It has been updated with new content.