A strong intellectual property (IP) portfolio is critical for technology companies, which rely on inventions to survive. Without a robust IP portfolio, your company is exposed to risks from new competitors that can freely copy your unprotected inventions. And, lack of a strong IP portfolio may increase the likelihood of patent litigation by aggressive competitors and may hinder attempts to attract investors who demand valuable IP assets.
Strong and secure IP portfolios don’t just happen. They’re built.
These portfolios are built on purpose by strategically adding high-value inventions. If you need to start building or expanding your IP portfolio, here are three steps to get started.
1. Protect the Right Inventions. A valuable IP portfolio includes patents covering core technology as well as future ideas and inventions that are important to competitors. Use specific criteria to evaluate inventions based on current business value, feasibility and lifetime value. Action Step: Review your current IP portfolio to be sure all of your core technology has been protected.
2. Use Provisional Patent Applications to Quickly Protect Inventions. Establishing early filing dates for your inventions is important in the United States. Provisional patent applications provide fast and cost-effective protection for important inventions. Action Step: Identify the most important new inventions your team has developed and quickly file provisional patent applications covering those inventions.
3. Watch Out for Public Disclosure. Implement systems to identify important inventions so you can secure your patent rights prior to public disclosure, such as trade shows, white paper publications and press releases. Action Step: Identify upcoming public events and be sure you have protected any inventions being disclosed publicly. If necessary, protect those inventions quickly using a provisional patent application.
Do you have questions about how to strengthen your IP portfolio? I can help.
Apply for a complimentary IP Strategy Session where we will:
Apply for your complimentary IP Strategy Session at IPStrategySession.com.