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The responsible management of patents involves a process whereby legal, commercial and technical skills are used to identify, develop, and evaluate technologies involved in a particular invention where such an invention involves a given set of technical skills and knowledge.
Although legal expertise is not a requirement in the management of patents, it certainly comes in handy. The business side of this process involves the commercial exploitation of the relevant patents for the purpose of realizing and maximizing on profits.
It is not necessary that the inventor makes use of the above mentioned components. The inventor can do it alone although the components such legal expertise, business management of patents, and the production capabilities available when making use of a team rather than working alone, may certainly help to get better exposure and more profits at the end of the day.
There is a distinct difference in the way that patents are managed at academic institutions and privately managed companies. The academic institutions normally apply a process which involves decision making regarding the importance of the invention to the institution, its prestige, and the commercial viability.
Once the assessment has been made various committees discuss the merits with going ahead with development of the invention and the patent application process. Advisors are used for guidance regarding the application process. An administrative or legal department normally handles the renewal of the patent.
Although essentially the same process is followed for determining the viability of patents at large companies, the companies normally have counsels in place to decide whether to continue with the application or not.
We at Smit & Van Wyk provide a wide range of services, which make the management process of patents easier. Contact us for assistance today whether for the application process, renewal or license agreement setup.
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