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Intellectual Property Rights for Business
- 1. INTELLECTUAL PROPERTY RIGHTS FOR BUSINESS
- 3. WHAT IS IP AUDIT? It is a systematic review of the IP assets owned, used or acquired by a business.
- 4. IMPORTANCE OF AN IP AUDIT Identify what IP is owned by the business Preserve and enhance the value of existing IP Identify new opportunities to profit from IP Identify road blocks and prevent costly disputes Facilitate and optimize business transactions
- 5. HOW TO CONDUCT AN IP AUDIT? Identify the readily identifiable IP Itemize what might be termed external or market influences
- 7. This means deploying tools and processes for efficient generation and management of intellectual property with predicted outcomes and balanced risk:
- 8. A Well Managed IP Portfolio Can Be Valuable Barrier to Entry Attract Investors Selling an IP Portfolio
- 9. Microsoft spend about $4.5 million on R&D for every patent they obtain.
- 10. I. Patents Exist For Three Principal Reasons To protect products and product roadmaps from competitor theft. To establish a defensive position to ensure freedom to operate. To directly monetize assets and provide income for the company.
- 11. II. Systematic Portfolio Reviews Win The Day. Establishing a review process and fully documenting every IP asset a company holds is the critical step to systematically managing an IP portfolio.
- 12. III. A Sophisticated Foreign Filing Strategy Is Critical
- 13. It helps to track revenue associated with patents. It provides deeper market analysis and can reveal principal patent holders in adjacent technology spaces, and provide insight into products. IV. Map Patents To Products
- 14. V. Analytics Enable Strategic Decision Making Analytics tools provide a look into internal operations and specific competitor practices. It can help identify potential infringing products early in their lifecycle.
- 15. CONSIDER THEM WHILE DEVELOPING AN INTELLECTUAL PROPERTY STRATEGY Trade secrets must be kept within the enterprise and confidentiality agreements should be prepared when sharing information with business partners.
- 16. It is important that an enterprise generally has 12 months from the date of filing of a national application to file the same patent application in other countries.
- 17. Check trademark databases to avoid using an existing IP brand name. Consider export markets to avoid using brand names that may have an undesirable meaning in a foreign language.
- 19. MONETIZING THE INVENTIONS Most sellers are highly technical, brilliant engineers but unfamiliar with how to turn potential into money.
- 20. IP BROKING AND BROKER Bridges the gap between creations and capital required to keep creating. Broker: an intermediary Analyze the assets. Prepare a portfolio for marketing and sale. Contact prospective buyers. Assist till transaction is completed. Help sellers monetize their patent portfolio.
- 21. IP BROKING AND BROKER Brokers work on a commission basis. Interests of the patent holder and the broker are largely aligned. Also saves time by finding patents which best fit the portfolio.
- 22. PATENT SALE Post analysis of the portfolio, the broker reaches out to the potential buyers. Provides: Pricing guidance details of any infringement Area where the network and reputation of the broker really makes a difference
- 23. CLOSING THE DEAL Patent Purchase Agreement (PPA): broker can provide guidance regarding certain provisions Using a patent broker lets experts handle the time-consuming tasks
- 25. Financially protects inventors and companies If they're sued for infringement by another company Or if they must sue someone for intellectual property infringement Registering IP is costly. Cost increases due to infringement
- 26. IP INSURANCE POLICIES Cover the costs of legal proceedings for IP disputes. Legal costs for enforcing claims against infringers Legal costs for defending yourself against infringement claims Vital because of the rising costs of litigation IP insurance will only cover IP that is specifically identified
- 27. LIMITATIONS The insurer controls the payment of legal expenses. Insurer needs to be satisfied your case has a good prospect of success. Amount will be capped. Insurer has the right to withdraw funding
Editor's Notes
- The success of a company’s business strategy and the management of its intellectual property rights (IPR) portfolio are closely interlinked. On the one hand, the potential of a company’s IPR portfolio cannot be maximized, nor such IPR adequately protected, when there is misalignment with the company’s business strategy. On the other hand, companies get the most competitive advantage and profitability from the exploitation of valuable IPR. Therefore, a strategy for optimizing a company’s IPR portfolio should go hand in hand with any strategy to increase the company’s profitability through its product and technology portfolio, from the early conceptual stage of innovations, to research and development (R&D) and commercialization while offering the potential to reduce risk and lower costs. Accompanying innovation from early design can help establish which new products or technologies merit the most protection against external interferences, as well as which IPR are the most valuable to protect these products or technologies, and the commercial strategy that will follow market launch.
- data mining and databases for information gathering and storage state-of-the-art software tools and processes for data acquisition and analysis program management methodologies effective communication across technical, business, and legal teams along with continuous improvement in all of them.
- Barrier to Entry: It can prevent competitors from entering your commercial space. Attract Investors. The barrier to entry is attractive to investors because it shows that the company has an exclusive space in the market. Similarly, they like to see that a business cares enough about their product or business to obtain intellectual property to protect it. Selling an IP Portfolio: Comprehensive IP’s are more valuable while purchasing a product or a company. For example, owning a patent portfolio around a novel technology that includes a patent or the main product, as well as additional patents covering a number of useful variations of the invention, prevents competitors from making, using, selling, or importing the invention/product or anything similar that falls within the patent protected space.
- Some studies suggest 80% of the average company’s valuation is in their intangible assets, and the number is even higher for tech companies and start-ups. Just ask a Hollywood studio or Microsoft, which spend enormous sums every year defending multi-billion-dollar investments in movies and software from piracy. Or consider Xerox, which invented the mouse and the graphic interface, but failed to patent either and missed out on untold sums as the PC market exploded. Today, the cost of managing a patent for its lifetime runs a corporation roughly $100K. That’s a much larger number for companies like Apple, Samsung, Honda, or Yamaha with flourishing patent portfolios in the tens of thousands. product sales can exponentially exceed R&D, IP procurement and management costs throughout the life of a product making the initial investment well worth the cost.
- Doing so supports R&D, product, marketing, sales, and licensing teams in innovating unique products, winning new business, and generating revenue.
- The principal objectives for foreign filing is protecting revenue streams and blocking competitors, however, it should also be efficient and affordibale since it is very time consuming and expensive. blanketing the entire world in patent coverage simply isn’t practical.
- Mapping allows the business to track revenue associated with patents. It provides deeper market analysis and can reveal principal patent holders in adjacent technology spaces, help determine if they’re actively competing with the company’s business lines, and provide insight into products that may soon hit the market.
- Forward citation analyses and timelines can tell patent holders who’s getting blocked by their patents, and when, allowing them to assess licensing, divestiture, and litigation strategy.