2017-03-01
Inventions are a crucial part of a business. To gain a competitive edge in the market, businesses obtain patents for most of their inventions. A patent portfolio can be described as the group of patents, owned by a company or an individual, whether related to a specific field or completely unrelated. A strong patent portfolio is an effective way a company increases its strategic value. It helps gain a competitive edge over potential competitors, attracts investors, and offers freedom of operation by discouraging further patenting in the respective field. Hence, to avail all these benefits a company needs a strong and efficient patent portfolio management. Here, we give you 5 tips for efficient patent portfolio management.
1. Keep it Organised
Efficient organisation of your portfolios is the first step toward successful patent portfolio management. While software may prove useful for a large portfolio, small or medium sized portfolios can do with a simple spreadsheet containing information like the title of the invention, summary, registration and filing date, prosecution and litigation details. Furthermore, you may categorise each invention to its related field. A ranking system for inventions from high to low can benefit companies who churn out a range of creations. This helps in making crucial decisions regarding registration, licensing and infringement. Guidance of a patent agent may be useful in efficient portfolio organisation.
2. Track Your Competitors
For successfully managing your patent portfolio, you must continuously monitor your rival companies’ moves in Intellectual Property (IP). This is especially important for companies who use their Intellectual Property as a sword. A program must be established to track crucial information regarding litigation, patenting, and licensing activities of your competitors. This information helps you design a procedure to safeguard your invention’s exposed areas that you could be sued for. A patent lawyer would generally recommend a weekly or monthly tracking of your competitors IP strategy. This knowledge also allows you to pursue licensing deals and even acquire valuable patent portfolios.
3. Reap Benefits of the Speedy Prosecution Programs
A smart patent portfolio manager will not miss out on the benefits of various CIPO programs to accelerate patent prosecution and reduce costs. Several programs that allow you to accelerate examination or make a ‘special order’ request to advance the application out of its regular order for examination are available. You may search or contact CIPO for more details. However, a patent agent can guide you with the best solution on this.
4. Standardize Prosecution and Licensing
For companies dealing with thousands of patents and royalty deals, standardized procedures for patent prosecution and licensing can save both time and money. Apart from speeding prosecution and keeping an eye on your rival’s IP strategy to safeguard your inventions and identifying licensing possibilities, you must have a set procedure to expedite such processes. This includes having standardized forms for prosecution and licensing, and uniform licensing agreements.
5. Drop Outdated Patents
Patent maintenance can cost you millions of dollars, especially if you have thousands of patents to deal with. A regular review will allow you to identify obsolete and unused patents that are no longer aligned with specific business strategies. Such patents can be sold or licensed to other entities as a way of monetizing from them or may simply be discarded.
Implementing these tips will ensure successful patent portfolio management. However, keeping a track on each invention and its patent strategy is not an easy job. Having a patent agent to work along would be helpful in patent portfolio management.
