Tag: Collaboration

IP Protection: Strategy vs. Company Culture

Intellectual property underpins tech innovation. By protecting ideas, unique technology and processes, creativity and innovation can grow. Patents are the fundamental safety net for both tech start-ups and established players.

Concepts can move past the ideas stage and the industry can create unique products and services to benefit consumers and society.

At Prevayl®, our approach to IP protection is fundamental to our business strategy. Understanding and awareness surrounding IP is also a key pillar of our company culture, underpinning how we work as a business.

The question for many businesses, is why the importance of company culture when it comes to IP protection?

The Sonos conundrum

IP protection and company culture has been highlighted by the recent news of Sonos’ claim against Google for patent infringement relating to their speakers.

The two companies have a collaborative relationship.

For Sonos, the collaboration went too far when in 2013, their Execs handed over the blueprints for their speakers to Google when working together to incorporate Google’s music service directly into the speakers.

The lawsuit relates to Google’s subsequent speaker products, with Sonos alleging these infringe their patents.

Striking the right balance

“Start-ups with a clear IP strategy can be more creative and agile in protecting their ideas. This ultimately gives them an intellectual property currency in technology segments.” David Newns, Prevayl Co-Founder and Strategic Advisor.  

This is essential for all tech start-ups. Without it, there is no opportunity to grow, innovate and ultimately bring products to market. That’s the first step.

David got to the crux of the matter when he said: “Companies big and small need to rethink their internal culture to IP.”

This is where many businesses continue to fall down. The importance of intellectual property simply has to be ingrained into all levels of a business, from start-ups to major industry players.

Forgetting this and taking a collaborative relationship too far, clearly can have consequences.

Prevayl’s approach to IP

At Prevayl we’ve invested in our approach to IP and made it a fundamental aspect of our business strategy from the outset.

We have an in-house team that began filing patent applications from day one. This continues daily, providing our team with the safety net to protect our ideas and ensure innovation can drive our products and business forward.

We’ve also made sure that it permeates into every layer of our business. Our IP team collaborate with all departments within the company from idea stage, right through to conception and delivery. Everything is protected.

Knowledge sharing, collaboration and protection within our business ensures every team member knows the importance of IP and understands the value of their ideas.

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Adam Crofts, CEO of Prevayl: 2019’s Key Learnings

Adam Crofts co-founded Prevayl® in April 2019. With the business enjoying huge growth before the end of the year, we sat down with the CEO to find out about his three biggest learnings from 2019.

Recruitment

Getting recruitment right was of fundamental importance to Prevayl this year.

The first step was to identify those areas where the business needed to excel. We then began a detailed search to secure the best possible people to make it a reality. Finding talent is just one aspect. They also need the desire, hunger and drive to propel us in the right direction.

The big challenge for me as a CEO was the fact I simply couldn’t be everywhere. We’ve undergone rapid growth in such a short space of time. That means it’s essential to find the best leaders who enable me to focus on certain tasks to ensure as a team we’re excelling in the right areas.

This is something we’ve done extremely well and will endeavour to do in 2020, as our team continues to grow at such a fast rate.

Alignment and Strategy

This has been a fundamental requirement from day one.

With what the business has set out to achieve, the scope and possibilities are huge. The team we have built have so many innovative and ground-breaking ideas, it’s vital that we keep the right direction and build these new ideas into the product suite when the time is right.

Again this comes back to getting an experienced and innovative team together. We’ve made some crucial hires from a strategic perspective to ensure we are all aligned with the right strategy, vision and goals. Always reverting back to this ensures we can move quickly when it comes to launching our products.

Collaboration is key for product development

Cross-department collaboration is of course always encouraged within the business. I find that the best ideas come from bringing a cross-section of people together and letting the ideas flow. At Prevayl, we have what I call an “eclectic mix of amazing minds”. Put them in a room together and some brilliant ideas will come. I’m genuinely excited to see what they come up with.

This same attitude needs to apply to the market you operate in also. While competition can drive innovation to ensure the end users get the best possible products, service or experience, collaboration can potentially push it further.

The Prevayl platform and health-tech ecosystem, Base, provides essential health insights to the end user. It isn’t closed off, however.

We could potentially see other businesses in this space as competition. We’re turning it the other way and encouraging collaboration by ensuring that wearable tech providers can work with us to improve their own offering. It’s my belief that this collaboration will drive innovation in the sector and ensure that users continue to receive tailored, personal and actionable health insights.

We’ll be hearing from Adam again soon when he’ll be discussing his ambitions for Prevayl in 2020.

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