What is Patent Strategy?

Before deciding whether to pursue a patent, consider its value and costs. As with any strategy, patents can either add to your core offering or hinder your competitors. Consider offensive and defensive plays when devising a patent strategy. Below, we’ll explain the factors to consider when developing a patent strategy. Listed below are some tips to help you make the best choice. Before deciding whether to pursue a patent, assess your business’s priorities.

Develop offensive and defensive strategies

A company that develops both offensive and defensive patent strategies has a greater chance of successfully defending its intellectual property. Defensive strategies allow an organization to extend its patent rights and serve customers without fear of infringing adjacent patents. Offensive patent strategies allow a business to build a strong footprint in the market and outmaneuver competitors. Both offensive and defensive strategies require careful planning and research.

An aggressive patent infringement strategy drains a company’s resources. Medical device companies are on the leading edge of innovation. These technologies save lives and improve healthcare for millions. However, maintaining success over a product cycle can be challenging. Building a strong patent portfolio is critical to limiting competition and maintaining profitable market shares. Listed below are some common patent strategies. For more information, visit the following links. For more information, contact Andrew H. Berks, PhD, a patent attorney and author of the Patent Strategy Handbook.

Defensive strategies focus on brand loyalty, providing quality goods, and customer service. In contrast, offensive strategies focus on expanding into niche markets and eschewing direct competition. Offensive strategies can be highly complicated or include a mix of offensive and defensive tactics. In addition, some companies develop offensive and defensive strategies in tandem. These strategies can make the best of both worlds. But which approach is the best? Read on to discover the key differences between offensive and defensive strategies.

Offensive patent strategies aim to prevent competition from entering a proprietary technology or business sector. Companies with offensive patent strategies must file early and maintain their patents. While this strategy can be costly, it can result in revenue and profits. When patents are sold, companies can recover their costs. Therefore, offensive patent strategies may be the best choice for a company that has limited resources or a lack of money. A strong patent strategy is important for the success of a company.

Identify opportunities for licensing, commercialization, and joint ventures

To maximize commercialization opportunities, consider collaborating with external partners. External collaborations can lead to novel inventions and ready licensing partners. In addition to commercialization opportunities, collaborations can increase your IP value by partnering with other companies. Here are four ways to commercialize your IP:

In-licensing technology from universities is an increasingly popular way for startups to develop novel technologies. Licensed technology provides companies with low-cost development, reducing the risk of development during the early stages. Additionally, licensing offers startups increased access to capital and allows them to pursue more aggressive development of novel technologies. In addition, many startups have very little near-term financial considerations.

Develop a budget for developing a patent strategy

Many patent lawyers agree that developing a budget is an important step in creating a strategy. The problem is that many startups don’t have the funds to hire outside counsel, and in-house counsel is often swamped by other issues. Despite the potential benefits of hiring outside counsel, startups often struggle to execute even the most simple strategy. Because IP is usually an investment in the long term, upper management often defers investing in it.

Before developing a budget, estimate the time it will take to complete the process. In the U.S., patent filings benefit from a one-year grace period, while foreign filings don’t allow first public disclosure until one year after filing. To make sure that your business is getting the most benefit from patenting your idea, consider incorporating a patent filing calendar into your business plan. By taking into consideration the time it will take to complete each step of the patent process, you can better plan the overall budget for developing a patent strategy.

Before you start your patent application, determine the scope of your intellectual assets. If you’re considering a product patent, it’s essential to gather documentation of any invention disclosures. If you’re seeking a patent for a new product, you should evaluate the risks and rewards of the strategy, and then forward the invention disclosure to a patent attorney for further drafting. In addition to creating a budget for patent strategy development, you should evaluate the scope of your patent portfolio in light of the direction of your industry and technology.

In addition to deciding the scope of your patent strategy, you should consider the cost of hiring a patent attorney. Patent attorneys often charge a fee for their work, but it’s well worth it. Your patent attorney can also advise you on the right legal approach and which patent attorney to work with. Then, prioritize your patent protection budget toward future perceived value. As your business grows, you’ll see a clear relationship between the cost of hiring a patent attorney and the revenue generated from the product.