The process of synchronizing a company’s patent strategy with its product strategy is called patent portfolio management. Moreover, the patent portfolio is a crucial part of the overall value of a corporation. One must fully measure the true value of a patent portfolio in order to get the actual value of the company’s patents. In other words, timing is the real key to effective patent portfolio management.
Patent Portfolio Management: Necessary Steps
The development of an ideal patent portfolio is a continuous process. Once patent assets begin to reach a positive trend, it becomes just as important to manage the portfolio. The portfolio may stop generating revenues and may drain the profits of the company if you fail to manage it properly. Some of the important strategies to maintain your patent portfolio are:
The Patent portfolio managers always keep an eye on the moves of the other companies in the in order to:
- Extract opportunities of cross-licensing
- Sustain a competitive edge
- Avoid potential litigation against the clients
It is important to keep in touch with the competition around when you are dealing with companies that use their IP as a weapon.
Patent portfolio management also includes receiving patents in various zones. It is commonly called diversification. In the case of the financial assets of the company, the diversified patents are a way to reduce risk. This helps the company to maintain a balanced investment.
The change in customer demand or the trend must affect the value of the patent portfolio. The portfolio whose patent value does not move up and down together as per the trend or changing customer demand is at more risk than a portfolio whose patent value does. Diversification does not guarantee against loss but it reduces long term risks.
You must review and rebalance the patent portfolio on a regular basis in order to maintain it successfully. Moreover, you must modify the patent portfolio on the basis of the patent lifespan of the company as well as the present needs.
A company must spread its patents in various industries or categories during reviewing and rebalancing. It gives an opportunity to find out the strong positions of the company. Also, a company gets an idea of the places where they are less competitive and leading the market.
Also, the company may enhance portfolio growth by targeting the areas where it may achieve new heights. They must develop a strategy to boost the growth of those patents.
A regular patent evaluation is a must. It is done for the strength analysis in order to classify the patent. The segmentation involves distributing the classes as:
- Future R&D programs and issues of IP investment.
- Pull out-licensing opportunities.
- Benchmarking the portfolio of the competitor to analyze the relative position of your portfolio.
- Patents without any industrial applicability or economic value.
The first step for an attorney along with the key decision-makers is to make recommendations on cases for discussion. After this, they must conduct a meeting with all the decision-makers. Finally, the combined decision is shared with other audiences to gain support.
It is necessary to find some people that are able to make decisions in order to review the portfolio. Moreover, experienced people with deep knowledge of the patent portfolio must check whether the recommendations are well informed or not.
Patent Portfolio Management: Advantages
The audit of a patent portfolio helps you to examine the strength of the rights of your portfolio. Also, it helps to decide the usefulness of those rights in your business. You may easily lose sight of some important rights, the technology of the invention if you do not perform regular audits of an active patent portfolio. Some of the major advantages of managing your patent portfolio are:
- No procedural errors.
- Avoid missing important deadlines or renewal fee payment dates.
- Saves time so that you may use it in other important stuff.
- No unintentional loss of rights.
- A trustworthy back office for information regarding any news.
All companies that have a firm business objective require a patent portfolio management strategy to perfectly execute their plan. There must be a regular rebalancing and review of the contents after the establishment of the portfolio. Thus, the company can maintain a booming portfolio.
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