Even after getting a grant for your patent, there are a lot of things to be done for the patent. Patent maintenance, patent monetization, maintain the patent portfolio are among them. It is very important to keep track of various activities related to the patent such as meeting deadlines, managing records, and tracking important patent-related documents.
A company or an individual may hold more than one patent and it becomes really difficult without the patent portfolio to track each patent. So, a patent portfolio is handy for the patent holder to give him various benefits. All patents play different roles in enhancing your business strategies and provide benefits depending upon the type of business.
Advantages of a patent portfolio
It is always good to be organized with the documents so that everything isn’t messed up when required. Patent Portfolio comes with various advantages to keep your patent-related documents in place and help in the overall growth of the business. Some of the advantages of a patent portfolio are:
- It prevents delay in activities which may lead to the downfall of the company
- It prevents mismanagement of documents and keeps everything in place which saves time
- It improves your and your brand’s reputation as an organized brand
- It helps you stand against the competitor
- It gives strength to your business to stand in the market.
So, all these advantages that the portfolio holds make it worth to use the service.
Patent Portfolio Management
Patent holds the ability to give a return to the investment you made for getting its grant, so, it is advantageous to make use of the return. Often a well-managed patent portfolio generates value. So, let us see how the patent portfolio saves cost.
Cost-saving due to Portfolio management
By keeping everything in one place and organized, patent portfolio helps in saving costs and monetizing patents by:
- Keeping investment safe. No cost is incurred due to unprotected investments which may lead the company into an unwanted trouble
- Managing patent portfolio also helps to manage the assets of the company by keeping a check on them
- It also protects the company or the individual inventors from the competitor’s move and thus saving cost on various legal activities
So, all these monetary benefits are provided by patent portfolio management.
Patent portfolio helps to take IP decisions
IP decisions are never easy and often involve great risks about how to maximize the use of IP assets. Various IP decisions are:
- Licensing the technologies to any other organization or individual
- Protecting newly invented technologies through patents
- Existing patents may also have some value and that can be extracted through patent portfolio
- Widely spreading the patent through various means like licensing
- Abandon or sale some assets which are not in use
So, these decisions are very critical to the organization and can lead to its growth or downfall, depending upon how it is taken. Without proper guidance, it is not easy to make such complicated decisions.
Why hire an expert?
With the complication of the task, the risk increases, and therefore the need for a professional increase. An individual with non-expertise in the field cannot do the task alone.
Whenever in need of service or in confusion about what to do with the patents, how to manage your patents, important dates, and so on, reach out to The Perfect Patent Docketing. We provide 100% customer satisfaction. Our professional team helps to maintain documents, meet deadlines and take important decisions without any time delay.
We also offer services outside India as well with the partnered patent attorneys in different countries. We provide various services related to patent docketing and you can read about them in detail on our service page. Contact us to avail our services.
6 Reasons Why IP Heads Need to Focus on Patent Proofreading