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Your How-To Guide For Patent Monetization Process Analysis
Executives are becoming more aware that patents have the potential to be a business asset – especially by focusing on marketplace advancement through strategic patent monetization.
In the past, CFOs and chief decision-makers generally considered patents to be solely a defensive mechanism to protect investment in research and development from competitors’ imitation and theft. Otherwise, patents were kept on the sidelines of standard boardroom discussions.
However, recently, patents have moved to the forefront of many forward-thinking business strategies.
In fact, if your competitor finds success in actively maneuvering the patent licensing landscape, this fosters their growth and sustainability in the long run. Missing any opportunity to turn your patents into an asset may put your business at a distinct disadvantage.
Before implementing any patent monetization tactics, you need to have an expert conduct a patent analysis that evaluates the patents in your IP portfolio. After evaluating your patents, you have deeper insight into which patents help work towards company goals and you are able to better allocate resources for maximum patent monetization.
Patent Monetization Process Analysis: Researching The Marketplace
Assuming you’ve taken the appropriate steps to identify high-quality, valuable IP assets, your next step is to research the marketplace. This market research stage is where you discover answers to the following three critical questions concerning your IP portfolio:
1. Are you currently protected against patent infringement?
When a person or business uses your patent without your permission, they are stealing your intellectual property. Unauthorized infringers steal your ideas without contributing to the time, effort and money that you invested in researching and developing the technology. This also means they are receiving a portion of the revenue that your patent produces for them. Patent litigation helps you protect your patents from infringement by pursuing a civil remedy.
2. How strong are your patent claims?
Depending on the strength of a particular patent claim, you might have a very desirable patent, or claims that cover a system or method that is essential to a current product offering – one that may also be very profitable. Your patent claims may preclude use of the subject matter by industry rivals or unknown competitors working in related technologies. In fact, as companies look to widen their markets, they may just want to get the patent off the street before others realize the potentially vast applicability of the patented technology.
3. Can your patent claims survive challenges in court?
With the America Invents Act, passed in 2012, there are more ways for a potential infringer to challenge the validity of a patent than ever before. Prior to suing an apparent infringer, it is important to ensure that the patent in question is bulletproof. Patent litigation, although sometimes necessary, has the potential to be lengthy and expensive—no one should invest time and money without analyzing the risk of invalidity challenges that could be brought in court and in the Patent Office. Seeking patent damages or licensing fees requires patent claims that demonstrably survive challenges, as well as an unbeatable courtroom presentation.
Choosing The Path To Patent Monetization
After conducting marketplace research for your IP portfolio, you have the building blocks you need to determine the most efficient and effective path to elevate your patent monetization efforts.
You have three main choices when it comes to monetizing your patent:
Of course, there are risks and costs associated with each of these options. Any person or company preparing to tackle the patent monetization process must have the very best resources for these efforts to help develop strategies that achieve the most success.
Regardless of which route you choose to take, you need to begin developing “evidence of use” – a cornerstone to any patent brokerage deal or licensing effort. Establishing evidence of use by an apparent infringer is also the precursor to more refined demonstrations of potential patent infringement, such as claim charts.
A patent monetization expert, with proven experience in target identification, claim charts and patent infringement support, is an invaluable ally. Acting as a silent partner, they provide you with patent monetization strategies aimed at extracting the hidden revenue in your IP portfolio.
Ready to learn more about improving the potential of your IP portfolio through patent monetization? Contact the Patent Miners at TechPats today to start turning your patents into profit.