Patent Portfolio Management Tips for the 21st Century
As global markets, patent law, and technology all progress and change, it can be difficult for businesses to know how to adapt their patent portfolio in order to maximize their assets and control management costs. Here at Global Patent Solutions, we provide search, consultation, and IP management services that help businesses better position their IP strategy by leveraging the power of information. Here are a few key considerations that we’ve noticed can help businesses nail down a winning patent management strategy.
An IP Audit Is Occasionally Necessary
Far too many businesses fail to get a handle on their IP portfolio, disregarding important IP assets that could lead to major business developments. Ongoing innovation is the lifeblood of any company. Staying competitive in your field as the years go by will depend on identifying, developing, and protecting new ideas. Often, it’s hard for us to see those assets that can be the most valuable. An IP audit from an outside patent agent, especially when paired with reliable patent research, can give you a better view of which avenues to pursue, and how you can strategically grow your patent footprint.
Patent Search Can Help You Position Your Patent Management Strategy
Many professionals mistakenly believe that patent search just has one purpose: to help you determine whether there’s prior art on your invention. However, there are many different kinds of patent searches. A freedom to operate search can help you determine which areas your competitors are growing in, and help you avoid expensive patent litigation down the line. A state of the art search can help you identify opportunities for growth and expansion.
A patent search can also help you re-examine the viability and value of your existing patents, helping you to determine which ones to maintain, which ones to add to, and which ones are more valuable when sold.
Consider Ongoing Maintenance Costs for Your Portfolio
Far too many people assume that once a patent has been granted, the expensive part is done. However, ongoing maintenance fees aren’t the only continued costs. Thanks to the parasitic practices of PAEs [link to patent troll blog] and ongoing costs of management and development, some patents can cost more to maintain than they’re worth to your business. Often, further research and analysis is required to determine which patents are actually a weak point, and which are strong assets that could be further strengthened.
When Is It Time to Consider Foreign Markets?
If you identify key market strengths within your current patent portfolio, it may be wise to look ahead and plan for expansion of that patent footprint in order to protect future development of that innovation. This may not just come in the form of rolling out 2.0 software; it might also mean obtaining design patents for new features and updated branding. It might mean considering whether outsourcing production to another country will require additional IP protection in the global market. It might even mean expanding into foreign markets. In order to understand what you can do to increase your global patent protection, check out our Guide to Global Patents.
“Patent Solutions” is part of our name because we provide so much more than patent search. Our services include obtaining whatever you need in order to better position your patent management strategy, from freedom to operate searches to brokered patent sales and deals.
Contact Global Patent Solutions today to learn more about how we can help your business better formulate a patent strategy that will lead to future growth and profitability.