As 2020 was winding down, the ISO released its first standard on Tools and Methods for Intellectual Property Management, also known by the catchy name of 56005.
The ISO is the International Organization for Standardization, an independent, non-governmental international organization whose purpose is to bring together subject matter experts to develop and share their expertise. The intent behind the various ISO standards is to answer the question “What is the best way of doing this?” ISO 56005 represents the consensus of a team of international experts as to how to approach and manage innovation at the corporate level so that you are getting the most out of your portfolio. The purpose of these standards from a global perspective is to collectively support innovation and provide ideal solutions to emerging and known challenges.
In an increasingly global market, the ISO works to ensure consistency across business practices and set expectations across an industry. So far, the ISO has published more than 20,000 standards and its members represent over 160 countries, making it a truly global collective of experts.
Businesses that are ISO compliant often have the added benefit of reduced costs because of the implementation of improved systems and procedures.
ISO 56005 deals specifically with innovation management and confirms the importance of proactively implementing an IP strategy that goes beyond just filing a few patents. Businesses should approach their IP strategy with the understanding that is must cover all different types of IP protection and include IP awareness for all employees to reduce risks. The Standard also highlights the importance of using patent database searching to gather industry intelligence and understand the risks involved with innovation.
In order to be compliant to this standard, a company must keep IP top of mind and ensure an executive is accountable for ongoing implementation of the IP strategy. IP strategy is not a one-size fits all approach. Even within an organization, the needs of their innovation management policies may need to pivot to better align with new business goals and initiatives. Having an ISO Standard for innovation provides a means to better understand how to adapt your strategy to your unique need while adhering to best practices. The purpose of ISO 56005 is to provide guidance and criteria to make sure that you are effectively managing your intellectual property.
Being ISO 56005 compliant gives you the peace of mind that your IP management strategy meets industry standards for best practices.