It is rare that a business has only one form of intellectual property. Even a simple idea would usually be protected by more than one form of intellectual property. For example, a simple invention might be protected by way of a patent but it will almost certainly have a name associated with it, which could be a trade mark.  There may also be confidential information and know-how associated with the idea, which is not disclosed in the patent documentation. Managing intellectual property is the art of managing the interplay between these various forms of intellectual property so that the idea is protected from competition and is best positioned to achieve success.

 The management of intellectual property involves various activities, including:

• Developing an IP strategy to identify which IP assets are owned; what additional IP protection is required; and to determine whether the IP is adequate to fulfil the business plan and objectives of the idea.
  
• Annual IP Audits. It is useful for a business to review annually its portfolio of trade marks, patents and designs to check whether adequate protection has been obtained for new developments and trade marks currently in use or proposed to be used, whether the IP is be maintained, and whether it is worthwhile to continue pursuing all trade marks, patents and designs in the portfolio.
  
•  Monitoring Competitor Activity by monitoring their intellectual property and analyzing whether this is going to be a hindrance to the idea or business that is being developed.
  
• Litigation, which from time to time may be necessary to enforce intellectual property rights.
  
• Commercialisation of the intellectual property by way of a licensing program, the sale of the IP portfolio, raising capital to develop the idea, using the intellectual property as security to raise capital for the development of other portions of the business, and a range of other transactions such as joint ventures, franchises, distribution agreements etc.
  
• Financial Reporting. Many businesses now report their intellectual property on their balance sheets.  New accounting standards prescribe the way in which intellectual property must be reported for transactions such as mergers and acquisitions.
  
• Valuations for the purposes of tax and accounting purposes, in addition to determining the value of a portfolio of intellectual property for the purposes of a commercial transaction.