Success of a business in the modern world is largely dependent on ground-breaking innovation that puts a cap on the rising competition. Having a strong intellectual property (IP) portfolio and strategy helps improve your market share and brand value in the market. However, using IP to support the current and future market position of the business can often be a challenge.
All IP doesn’t generate value; studies have shown that almost 80 percent of patents remain unutilized. A valuable IP portfolio secures its organization’s existing product lines and aims to gain strategic advantage over other players in the market. For this, an enthusiastic and innovative R&D team needs to be properly fed with IP landscape insights and whitespaces in their industry. Also, an innovation-management process is needed to provide feedback to researchers about the feasibility and prospective value of their ideas.
Management of IP portfolio is not merely restricted to paying maintenance fees for IP assets over respective terms, but also involves effective utilization of IP portfolio to achieve broader business objectives. An IP portfolio should be visualized and organized in a way that helps make right decisions timely.
Competitors consistently scout for evolving IP within their domain. This even manifests in duplication of innovative technology. Because of this, many market leaders often engage in court battles. While winning such court battles can garner competitive edge, losing eventually spoils the brand image and customer goodwill. Moreover, the emergence of new entrants to the market also affects the market share of existing innovators.
Having strong patent portfolio not only helps in gaining competitive advantage by protecting the service and product offerings, but it also helps in case of a patent-infringement lawsuit. With a strong patent portfolio, companies may consider cross-licensing to favorably end IP conflicts with competitors. IP lawsuits arising from competition and non-practicing entities (NPEs) can cause major financial losses for a corporation besides putting its customer’s goodwill and brand reputation at stake.
We present to you, “Top 5 Patent Management Companies – 2022.”
