A perfect patent strategy helps you to easily obtain patent protection. The important component of a business plan for technology companies is to develop an effective patent strategy. However, the approach to developing a perfect strategy is more difficult than executing it. Thus, in this article, we are going to discuss some of the most considerable points in order to obtain a comprehensive patent strategy. These factors help you to attain a comprehensive strategy. However, they must be flexible enough to cover minute differences.
Also Read: How to Write a Patent Application Accurately?
Patent Strategy: Considerable Points
There are certain fields that you must work on for developing a good patent strategy. Moreover, it is better if you seek help from an experienced service provider. Some of the considerable points to obtain an effective patent strategy are:
Business Goals
A perfect patent strategy must identify the key business goals for a company. Also, visible business goals develop a valuable patent portfolio for the long run. Thus, the company must:
- Make a list of business goals.
- Recognize technology and product directions.
- Sort out the main role players (competitors, customers, and partners).
- Contact the attorney to list goals, industry and technology information, and patent portfolio in order to highlight basic patent strategy.
Also Read Patent Specifications – Details You must Know!
Recognizing the Fortes
During the evaluation process, one must dig out and analyze intellectual fortes within the company. They include services, technologies, products, processes, and business practices of the company. Also, the company must work on the following zones:
- Select the team members for mining and analysis. These members must understand the commitment required and have an ability or desire to give sufficient time for the same. Moreover, the management must backup the team members and understand that insufficient time and effort will impact the execution of this phase. Also, it may cost others involved in it.
- Preparing an ideal budget for patent strategy and procurement. The attorney fees differ according to the work. For example, developing and implementing the patent strategy, preparing and filing patent applications, selecting patent disclosure materials and maintenance of the patent portfolio.
- Gathering and organizing documented materials. For example company procedures and policies, business plans, investor presentations, product specifications, and software programs. Also, it may include license agreements, employment agreements, confidentiality agreements, and consulting agreements.
- The anticipation of life span for each intellectual forte.
- Identification of potential employees, market, product lines that create intellectual fortes for the company.
Also Read: Patent Drawing: Summary from tip to toe
Acquirement
The company may move into the acquirement phase while the recognition phase is still in progress. Also, the organization creates the patent portfolio in order to protect core technologies, and business practices left during the recognition phase. Thus, in the acquirement phase, a company must perform the following actions:
- Set up a patent review committee that handles this phase. The committee members may include company individuals from various fields that can work on the company’s patent strategy together. It involves handling business and financial strategies. Also, similar to the previous phase the members must understand the commitment required. Moreover, they must have the ability or desire to give sufficient time for the same. The management must backup the team members and understand that insufficient time and effort will impact the execution of this phase. Also, it may cost others involved in it.
- One of the most crucial steps is drafting invention disclosures. Also, a good invention disclosure form helps in articulating and organizing an invention for a better understanding of the key aspects and their benefits.
- Calculate the risks and rewards related to a prior art search. However, a prior art search is not necessary, but it is better to understand the boundaries of all legal protection available.
- Evaluation of the risks and benefits of provisional and utility patent applications. Also, evaluating invention disclosure according to the patent strategy along with the completeness of invention disclosures.
- Provide invention disclosure to an attorney for drafting the patent application.
- Selectively conducting further competitive analysis in order to study technology directions and industry trends.
- Hiring a patent administrator to look after and manage the patent process and review committee.
- Identifying patent portfolio coverage.
- Calculate the risk and reward of studying competitor’s patent portfolios to identify how to make their own patent portfolio stronger.
- Set a budget for patent portfolio acquirement and development.
Also Read: An Insight to Provisional Patent Claims
Distribution
An organization that values its intellectual fortes sets aside money, time and resources to upgrade its patent portfolio. Thus, the organization moves to the distribution phase. The distribution phase includes licensing the patent portfolio to another party for monetary profits. Thus, it means sharing technology on certain terms and conditions. The distribution stage often includes the involvement of high-level management. The organization requires:
- Work according to 3 basic considerations: sword, shield, and
- Sword – Evaluating the competitor’s product for infringement, determining risks, and licensing strategy. Also, it involves evaluating the strength of the competitor’s patent portfolio in order to launch a counter-attack.
- Shield – Evaluating the impact of the patent with respect to potential instigators.
- Market – Identification of assets to sell for cash or use in new business.
- Determining the risks and benefits of enforcement.
- Evaluating the impact on business goals and creating reports accordingly.
Also Read: Patent Draft: Major Core Principles
A Perfect Patent Strategy for your Patent: Patent Drafting Catalyst
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