No matter the size of your portfolio, there are several opportunities – and responsibilities – attached to each and every patent you hold. Different patents can play different roles in supporting your overall business strategy, possibly underpinning direct sales and licensing revenue simultaneously, depending on the business model of your company.
A strong, well-rounded patent portfolio is important for six core reasons:
- To prevent or delay the introduction of competing products
- To build your brand and reputation as a “thought leader”
- To generate revenue via licensing
- To use as leverage against or to counteract your competitors
- To strengthen your position in business negotiations
- To add to your company’s overall value and desirability
Of course, there are costs connected to maintaining your collection of patents. If these costs didn’t exist, most companies would hold on to all of their patents indefinitely and counteract the public policy of advancing technology in the name of societal and economic progress.
If you’re not a giant corporation flush with cash, worry not. There are ways in which you can re-position your existing patent portfolio and as a result, better leverage your patents so that you’re getting the most value out of your intellectual assets instead of wasting resources on patents that aren’t producing meaningful results.