Intellectual property is an important business tool that can bring great satisfaction and wealth, but it can also bring great headaches if not managed properly. Managing intellectual property is just as important, if not more important, than establishing it. Think about it. If you bought a house, just let it sit, and never maintained it, it would wither away. The paint would crack, you would have leaks, and who knows what else would go wrong. The bottom line is, if you spend your time and or money on something you need to make sure you nurture it. Without proper care your intellectual property, as well as your business, will become worthless. How can you avoid this happening? There are a few ways. You can set up an intellectual property committee within your organization. You can buy and use intellectual property management software. You can hire and out-of-house intellectual property management company. The possibilities are endless, but get started now.