The patent portfolio can be described as the group of patents owned by a company, person or consortium whether related to a specific technology or totally unrelated to each other. Building a strong patent portfolio is essential for effective market competition. A patent portfolio can also have exceptional financial value in terms of royalties payable to the owner thereof and the prestige associated with such. In addition well developed patent portfolios also provide the owners thereof a competitive edge and also limitation on the competitor actions.
Once the lifespan of a patent in the portfolio expires the patent becomes public domain. To ensure that the value of the patent portfolio is always improved, new patents must be added to the portfolio once old ones expire. Often overlooked in terms of the market value, the patent portfolio of a company can be its biggest asset. Effective management of patent portfolios is thus essential as part of overall profit management. One of the core steps in proper portfolio management is to include only claims which are directly related to the specific invention in patent applications.
Careful management of divisional patent applications is also essential as every patent application filing costs money. File one application for each invention. Although it sounds simple enough, many patent applicants make the mistake of not dividing the technology involved in an invention before filing the application. It can cause a delay in the application and also create loopholes for competitors.
Identify license possibilities and exploit such to the fullest as part of the patent portfolio management. Income from royalties can be gained through numerous license agreements. Finally also ensure that you make use of experienced patent attorneys for assistance regarding the development and management of patent portfolios. Smit & Van Wyk is the ideal law firm for this purpose. Contact us for an appointment and legal advice today.