The IP policy helps the company to "bet on the right horses"
The IP policy is a statement of intent and a description that clarifies how the company intends to create and use its intellectual property rights and assets, externally to external stakeholders and internally to its own employees. It is a management document that talks about how decisions are made in relation to the creation, use and protection/control of the company's IP.
Guidance on management, ownership and commercialisation
The IP policy should cover all important features of your business that may relate to the creation or use of intellectual property rights. The IP policy should address all the different individuals and roles that interact with your intellectual property and IP rights.
The policy and framework provide guidance for the management, ownership and commercialization of intellectual property rights and assets. The IP policy can include, for example, patents, handling of trade secrets, trademark protection, copyright, design rights and know-how. All creative work, including results from research and development conducted within the company and with partners, can lead to the creation of new intellectual property rights.