4 IP Portfolio Analysis Tips and Considerations
An IP portfolio analysis allows you to understand why your intellectual property is under performing. Like any car owner, it is wise to pop the hood to check and see that all is in proper working order. It is better to catch certain issues up front then when you are stranded on the side of the road.
If you want to ensure that your patent monetization efforts are fruitful, here are 5 considerations:
1. Patent Efficiently
As an investment strategy, in order to file for patents before your competitors, you need to stay on top of technologies and have insight into where your industry is likely going next. It is highly recommended that you partner with a proven intellectual property consulting firm that understands technology landscapes and can help you file quality patents quickly and efficiently.
2. Patent Smart
One way to ensure your patent portfolio is primed for patent monetization is to intimately understand and predict where innovations in your industry may be headed in the next five to 10 years. That is no small order, which is why it is smart to invest in a strategic patenting program.
3. Due Diligence
You must know when there is a possibility of patent infringement and when that can eventually lead to patent licensing or an infringement suit. Also, since not all of your patents are going to be cash cows, you may need to consider if pruning your portfolio makes the most sense long-term.
4. Act
You get out of your patent portfolio what you put into it. When your patent application is granted or you acquire a new patent, it is important to have a strategy in place. Your plan may involve anything from making a product to enforcing your intellectual property through patent litigation.
As you begin to understand your portfolio’s strengths and weaknesses, you are then able to set a strategic plan to get your intellectual property working for you.
Ready to learn more about portfolio analysis and how to apply investor tips to turn around your under performing intellectual property? Contact the patent portfolio experts at TechPats today.
