Should My Company Build a Patent Portfolio?
Intellectual property is increasingly important as a commercial asset. By some measures, nearly 40 percent of the U.S. GDP is linked to IP-intensive industries. Patents are among the most valuable forms of intellectual property. An innovative company may benefit from developing a patent portfolio. In this article, our Florida patent law attorney highlights the key things that your company should know about creating a patent portfolio.
Patents are a Valuable form of Intellectual Property (IP)
The United States Patent and Trademark Office (USPTO) can grant a utility, design, or plant patent for a qualifying innovative invention. By granting the exclusive right to make, use, and sell a new invention for a limited period of time, patents encourage innovation and creativity. They also provide a means of protecting valuable inventions from infringement by competitors. Patents can also be licensed or sold, providing a source of revenue for inventors and businesses.
A Patent Portfolio is Strategic Collection of Patents
A company could gain advantages from owning multiple patents. Indeed, many start-up companies and other innovative firms may consider developing a patent portfolio. Broadly explained, a patent portfolio is a strategic collection of patents that a company holds to protect their intellectual property (IP) rights. It can include patents that cover a range of products or technologies. When used properly, it can help businesses obtain a competitive advantage.
Tips for Building a Patent Portfolio
A patent can be a very valuable form of IP. At the same time, it is important to emphasize that it takes time and resources to obtain a patent. Given this, it is crucial that businesses that put in the effort to construct a patent portfolio have a well-developed strategy. Here are four tips that your Florida business can use when crafting a patent portfolio:
- Know Your Goals: Before you start building your patent portfolio, it’s important to understand your goals. Are you looking to protect a particular product or technology? Are you trying to establish a strong position in a particular market? Understanding your goals will help you determine which patents to pursue and how to allocate your resources.
- Create a Budget: Building a patent portfolio can be expensive, so it’s important to create a budget and stick to it. Determine how much you can afford to spend on patent applications and maintenance fees, and allocate your resources accordingly.
- Focus on Priority: Not all patents are created equal. Some may be more valuable than others, depending on your goals and the competitive landscape. Focus on securing priority patents that are most important to your business.
- Take a Proactive Approach: Building a strong patent portfolio requires a proactive approach. One of the most important things to understand about patent law is that it is a deadline-focused process. The sooner you take action, the better position you will be in. A patent application must be filed within one year of publicly disclosing the invention
Get Help from a South Florida Patent Lawyer Today
At Perkins Law, we are a leading brand protection law firm. It is our mission to provide reliable, solutions-focused legal guidance and support to businesses and entrepreneurs. If you have any questions about patents or patent portfolios, we are here to help. Contact us today to set up your completely confidential consultation. Our firm serves communities throughout South Florida.
Source:
uspto.gov/patents/basics/general-information-patents
