Patent Strategy: Boosting New Business Opportunities

A patent strategy is a set of actions taken by a company to protect its innovations and its position in the technological sector in which it operates. Patent strategies, like business strategies, frequently need a preventative study of the status quo in order to detect risks and possibilities. The patent strategy is inextricably linked to the PLCM strategy.

A strong patent strategy will help your company expand and diversify income sources while establishing significant protection for core intellectual property (IP) assets. Building a patent portfolio is a lucrative and important investment for any digital company.

WHAT ARE THE OBJECTIVES OF A STRATEGIC PORTFOLIO?

When we assist our customers in developing a strategic patent portfolio, we consider more than just protecting a single innovation. Here’s a brief rundown of some of a strategic patent portfolio’s long-term objectives:

  1. OBTAIN COMPLETE AND EXCLUSIVE COVERAGE: By covering the existing invention as well as future/alternative embodiments, you may protect a wide range of products and services. You may also safeguard all of your product’s or service’s distinct elements. For example, a software component, an electrical component, manufacturing features, and so on might all be included.
  2. PRODUCE REVENUE: You can get access to licencing and cross-licensing possibilities, or sell your technology at better profit margins because patents let you exclude rival goods.
  3. EXERCISE NEGOTIATION POWER: If you’re up against a competitor, consider cross-licensing or forming a partnership rather than going through the costly patent litigation procedure.
  4. STRENGTHEN DEFENSIVE MEASURES: Your patent applications serve as a public record of your exclusive rights, perhaps discouraging rivals from infringing on your territory.

HOW TO GET A STRATEGIC PATENT PORTFOLIO OFF THE GROUND

If you want to start building your patent portfolio, but you’ve never done so before and aren’t sure where to start.

Follow the steps below to get started on developing an effective plan that is in line with your business goals.

1. DETERMINE YOUR BUSINESS OBJECTIVES

In the long run, your patent portfolio strategy will be guided by your business goals, which will determine which advantages of patent protection your firm has the most reason to value.

To figure out what your company need, consider whether you want to:

  • Keep your company’s essential technologies safe.
  • Licensing increases income sources.
  • Increase your profit margins as much as possible.
  • Exclude certain rivals from a field of application.
  • Reduce your chances of getting sued by your competition.

Several essential parts of your patent strategy will be influenced by a clear definition of your company goals, such as:

  • Your submissions’ geographical scope
  • Your patent disclosures’ technical scope

For example, if you’re primarily building a patent portfolio for defensive purposes, you probably won’t need to devote a lot of time and money to obtaining overseas patent protection.

2. ESTABLISH A BUDGET

Filing patent applications might swiftly deplete your limited funds if you aren’t prepared for the cost of investment.

Companies frequently calculate their patent expenditure as a proportion of their overall R&D budget. “IP-centric” or high-tech firms that consider their patents a vital asset will generally devote a larger percentage of their R&D expenditure to patent protection than other companies.

When you’re starting a portfolio, figure out how many patent applications you’ll file in the first year or two, then double that by the average cost of a patent application.

3. COMPLETE AN IDR FOR EACH VALUABLE IDEA

After that, you should make a list of potentially patentable ideas and fill out invention disclosure documents (IDRs) for each of them. IDRs serve as a record of your workers’ company-related ideas and may be used to prove your company’s ownership of its intellectual property.

Together, the list you gathered and the IDRs you create provide an initial pool of inventions that you may possibly protect through your patent programme.

4. WORK OUT HOW MUCH IT WILL COST YOU TO FILE.

Estimate the cost of each patent application you plan to file to make sure you remain within your budget.

Provisional applications have cheaper filing fees and fewer formalities, but they will not develop into a patent unless a non-provisional application is filed within the next 12 months.

5. SET UP A FILING CALENDAR.

Create a filing calendar to keep track of all critical dates connected to your patent portfolio, using the budget.

If you work with a good patent lawyer, they can assist you in developing and executing your patent plan on time.

CONCLUSION

A robust patent portfolio can help companies in protecting their inventions as well as core technologies. For building such portfolios, companies need to first choose the right patent strategy. PatentsKart is a cutting-edge Intellectual Property (IP) consulting business.  Our main business is to outsource the intellectual skills of our highly experienced patent agents, researchers, and analysts, who assist businesses with a wide range of patent support services.

Post content: A patent strategy is a set of actions taken by a company to protect its innovations and its position in the technological sector in which it operates. A strong patent strategy will help your company expand and diversify income sources while establishing significant protection for core intellectual property (IP) assets.

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