What steps should be taken by the organization to effectively manage and develop the patent portfolio?
A thorough understanding of the key components can help the organization to grow and manage the patent portfolio. An effective market research is involved in understanding the strength of the patent portfolio in light of the competition and technology. It is also helpful for the organization to rank the patents and identify potential players who may be suitable for in-licensing and out-licensing.
With a better understanding of the patent portfolio, it is vital for an organization to identify white spaces to drive more growth and revenues. Some of the few points that can help the organization to conduct gap analysis are: Where can an organization increase research and development investment to build an effective patent portfolio? What are the potential areas where the organization can license the patents to gain competitive advantage?
Does the technology pose a threat from the competition? Is there any possibility of merger or acquisition? Out- licensing patented technologies is a vital part of the intellectual management and to drive more revenues.
Intellectual property (IP) matters
Therefore, the organization has to conduct patent analysis to identify the technology and exploit it further for licensing purposes. A detailed patent analysis helps to identify the organizations patenting in the particular field of technology, and thus identify opportunities for out-licensing the technology and potential infringement issues.
Building a strong patent portfolio An IP portfolio can act as a shield and sword. A strong IP portfolio helps in protecting company's innovations to drive long term revenues and improve market position. Safeguarding intellectual property is critical for every business and cannot be overlooked. Intellectual property helps in developing and maintaining company's long term revenue streams and increase shareholder's value.
IP also helps companies to protect technology innovations and gain competitive advantage. These are of enormous value to an organization as they help to outdo competition and promote innovations in the marketplace.
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Innovations are crucial for every business success and can be patented to exclude competitors from exploiting the invention during the period. One of the many ways to protect innovation is to file a patent for the invention. A patent is the grant of right to an inventor by the PTO and include objects or processes such as technology or business processes. Generally, a patent is granted for 20 years from the date of filing the application. The right conferred by the patent is to exclude others from making, using, and selling the invention in the country where the protection is sought.
Once received, a patent owner can grant license to others to sell or import the invention.
Innovations are important for the long term financial success of the business and make organization more competitive than arch rivals. Organizations need to understand the importance of building intellectual property and use it effectively to devise effective business strategies and achieve long term success in the marketplace. Building a strong portfolio help organizations to market product or services to customers and develop loyalty among consumers. Thus, an effective IP system is the primary key to manage the knowledge assets for business.
An effective use of intellectual property can prevent any business or industry to take advantage of the goodwill in the marketplace. Without protection of such ideas innovators can't reap benefits of their inventions and would focus less on research and development. Intellectual property rights help innovators in every stage of business development, competition, and expansion strategy.
IP rights provide an incentive for innovations taking place in diverse industries, especially technology space. With the growing recognition and importance of technology innovations, there is a need to create a strong IP system.
A strong and effective IP system helps the country to encourage free flow of information and technology. IP plays a vital role in encouraging innovative people and rewarding them for their ideas, thus driving productive growth. This process leads to innovations or improvements in the existing technology. IP rights also provide an incentive to the innovator to exploit and commercialize their innovations in the marketplace.
Therefore, organizations are realizing the importance of intellectual property assets as it involves a significant percentage of company's valuation during mergers and acquisitions.
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Stemming from its ability to provide a high rate of return and competitive advantage, companies are protecting their IP assets from competitors. There is an international system for defining, protecting, and enforcing intellectual property rights. The return of intellectual property assets can be maximized by developing a strong patent portfolio that helps in attaining significant portion of the earnings through licensing revenue streams.
To sum up, organizations should effectively embrace their patent portfolio management strategy in order to reap maximum benefits. Corporate biggies are still investing large sums of money in research and development of products and services and building patent portfolios to realize returns on investment. Read more on environment. European Union. Follow us on. Book summary views reflect the number of visits to the book and chapter landing pages.
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