TechPats

267.880.1720

Patent Mining: 3.5 Pitfalls To Avoid When Uncovering Hidden Gems

Patent Mining: 3.5 Pitfalls To Avoid When Uncovering Hidden Gems

 

When it comes to successful IP portfolio management, “patent mining” is one of those terms that suggests the promise of striking it rich from unearthed intellectual property.

However, the truth is that patent mining is no quick fix. The trick to patent mining is avoiding the pitfalls – a process requiring a lot of strategy and investment of resources to truly reap the potential (and possibly considerable) financial benefits.

Here’s how:

1. Don’t Let Your Patent Portfolio Grow Out Of Control

Knowing what you have in your patent portfolio is significant to uncovering the gems. Statistically, the majority of patents in your portfolio are not providing economic value, and are actually costing you money in maintenance and attorney fees.

Patent pruning allows you to identify and eliminate any unproductive intellectual property you own, and strategically align your patent portfolio to meet your core business objectives. Keep in mind: The process of patent pruning must be done very carefully.

To start, consider how each patent supports, defends or advances your market position. Assets not in practice, outdated technologies or any assets with existing litigation are all ready to be evaluated for possible pruning from your patent portfolio.

2. Avoid Using Automated Systems For Patent Mining

Often, automated systems are used for patent mining … a process that all too many outsourced patent reviewers implement. Automated systems are a pitfall of patent mining for the following three reasons:

• Glossing over potentially viable patents
• Not always locating core assets
• Inaccurately evaluating technology across multiple industries

For effective mining, you need a patent mining service that reviews your patent portfolio personally. It should also manually review thousands of patents and conduct extensive IP valuation to select the best assets that serve your company’s core objectives.

3. Beware Of Traveling Down The Patent Mining Rabbit Hole

Without the right strategy and background experience in patent mining, you could end up wasting hours upon hours of company resources sifting through patents, trying to find value.

Your team of engineers may not have the experience evaluating assets from a patent monetization perspective. They may not understand the current markets and how certain technologies in your patent portfolio may be applicable.

To avoid falling down the patent mining rabbit hole, you need to know exactly where technology is headed across a wide range of industries, and how any given patent in your portfolio applies to technology 10 years into the future.

3.5. Never Assume Your Patent Portfolio Is Full Of Gems

In a portfolio of 100 patents, a low percentage of those patents are often true gems. Simply put: Knowing when to stop investing time and resources into forcing value out of bad assets is important to successful patent mining.

As a strategic business practice, patent mining necessitates a serious commitment to active scanning and analysis of all patents that directly affect your company’s goals.

To tie technology development to your business strategy, partner with a strong patent firm that has decades of experience, meaning they are devoted to iteratively mining your portfolio.

The resources spent on efficiently and effectively conducting patent mining save you from wasting time and money on unproductive patents in your portfolio.

Ready to learn more about patent mining and making the most of your IP portfolio management? Contact the patent mining service experts at TechPats today.


Patent Mining: 3 Tips To Successfully Navigate The Crowded IP Marketplace

Patent Mining: 3 Tips To Successfully Navigate The Crowded IP Marketplace

 

navigate crowded marketplaceDo you want to make marked improvements to your company’s bottom line while also maximizing shareholder value? Patent mining, coupled with methods for extracting value from your IP portfolio, is capable of producing very positive results.

Fifteen years ago, corporate income from patent licensing in the U.S. was at $15 billion. Today, the sum of U.S.corporate income that results from patent licensing exceeds $100 billion.

An effective patent mining program involves searching for valuable opportunities for your intellectual property, such as:

  • New applications of technology
  • New markets for the technology
  • Extensions of the technology
  • Patent infringement candidates
  • Hot technology or divisions for joint ventures

Portfolio assessment and patent mining is a proven process for uncovering the hidden gems within your IP portfolio. However, you need to avoid the pitfalls when attempting to successfully navigate the crowded patent mining marketplace.

The following three tips help to ensure you take the most solid path for patent mining that results in profitability:

1. Know The Processes Of Patent Mining

Patent mining may be done manually or automatically – both process have their shortcomings.

Automated tools are not a guaranteed strategy for patent mining, as there is no way to ensure that no stone is left unturned. These tools often miss applications of a technology across other industries. Manual patent mining is a very deliberate, thoughtful process, but it takes a long time, and is therefore also an expensive process.

The most beneficial patent mining process for uncovering your intellectual property gems is to partner with a firm that has a proven method of iteratively mining IP portfolios.

2. Understand That You Get What You Pay For

The CFO of your firm might find cost-containing appeal in cheap offshore patent mining services. However, offshoring your IP services comes with many issues:

Does the offshore organization follow processes to maintain confidentiality and have a sufficient amount of insurance coverage? Are they current with U.S. case law? This list of questions concerning the practices of offshore patent mining goes on and on…

The point is, with offshore patent mining, you receive no guarantee that those miners have anywhere close to decades of industry experience or comprehensive knowledge of a technological space.

3. Look For A Firm With Balanced Patent Mining Experience

It is important to ensure the firm you partner with for patent mining and portfolio assessment employs talented people with years of experience.

A great question to ask any intellectual property consulting firm is if their talent is in-house or through contractors. If the consulting firm employs an endless army of patent mining contractors, those contractors may work to a different set of standards from your own.

The potential to mine gold from your IP portfolio is great. But, you must partner with the right intellectual property consulting firm: one that approaches your portfolio assessment and patent mining with hard-won expertise.

A proven track record, along with a comprehensive approach to patent mining, ensures you are going to extract the most income for your company in the most efficient manner.

Ready to learn more about a capable intellectual property consulting firm that puts into practice the best methods for patent mining? Contact the patent mining experts at TechPats today.


IP Management: 5.5 Critical Reasons You Need An IP Consulting Firm

IP Management: 5.5 Critical Reasons You Need An IP Consulting Firm

Intellectual property means much more than just innovative inventions and patents. To realize and enable different income streams, your IP portfolio must be properly managed to safeguard proprietary technologies and help maintain a competitive advantage in the marketplace, while also attracting interest and investments.

An IP consulting firm is an important ally when building or strengthening your patent monetization efforts.

Partnering with an IP consulting firm go hand-in-hand with a robust IP strategy that aims to identify, evaluate, capture, protect and attain valuable IP assets. Here’s why:

1. You Find Engineers And Analysts With Years Of Experience

A good IP consulting firm has engineers and analysts with years, if not decades, of industry experience. They know how to take a 30,000-foot view of your patents and their related technology, but are also able to get up close and identify key patents that form the basis for a solid patent monetization strategy.

2. You Secure The Absolute Best Blueprint For Patent Monetization

As a leader of your corporation, you do not necessarily have the dedicated resources it takes to develop a comprehensive roadmap for successful IP management.  When you partner with an IP consulting firm, they are focused fully on realizing the potential of your IP portfolio, leaving no stone unturned. With an underlying awareness for integrated, exhaustive patent mining, the right IP consulting firm gives you the absolute best blueprint for patent monetization.

3. You Easily Adapt To Industry Trends For Strategic IP Management

Industry, technology and applications are ever changing, and it is often difficult for company leaders to stay ahead of the curve where the future of their patents are concerned. To truly get the most from your IP portfolio, it requires strategic IP management that is best attained with an experienced IP consulting firm that’s able to predict future industry trends. This high level of strategic patenting is going to give your company an edge over competitors.

4. You Gain Reverse Engineering Services And Teardown Capabilities

When your company faces competitor threats to your intellectual property, you need patent litigation support. The right IP consulting firm has reverse engineering services with experts in technology teardown tactics. The evidence these experts uncover is commonly a deciding factor in court.

5. You Receive Patent Litigation Support For Legal Proceedings

Whether you are protecting your IP against infringers or defending your products against the infringement claims of competitors, an IP consulting firm provides highly experienced patent litigation support services to work with either in-house or outside counsel. The firm acts as a silent partner for legal counsel. With attorneys on staff, the firm understands the position that you may be stuck in and tailors the work product for use by those acting in a legal capacity.

5.5. You Get Efficiency And Value

Effective IP management requires a quick, proactive team to get through a portfolio, comply with a docket or find EoU. When you partner with an IP consulting firm, they provide all the IP services you need, as they have the team already built and ready to go to work. This level of efficiency and expertise equals value by saving your time and money both in the short- and long-term.

While providing your business with a proactive approach to IP management, an IP consulting firm also assists in mitigating significant risks resulting from poorly considered or reactive approaches to patent monetization.

Ready to partner with the right IP consulting firm and receive long-term, successful IP management for your corporation? Contact the patent experts at TechPats today.