Do you have Effective IP Policy and IP Strategy for your Enterprise?

Do you have Effective IP Policy and IP Strategy for your Enterprise? – How effective is it? – Evaluate them on the following criteria:

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How do you currently identify, protect, leverage and manage your IP assets?

What plans do you have in place to derive the maximum value from commercializing your IP assets?

Do you have a special marketing strategy? Do you plan to export? If so, have you used or plan to use a regional or international filing or registration system (such as the Patent Cooperation Treaty, the Madrid system or the Hague Agreement) for patent applications and trademark or design registrations?

Have you assessed the potential to commercialize some or all of your IP assets partly or wholly through licensing, franchising and/or selling them?

Have you conducted an independent IP audit periodically? And has valuation been done of your IP assets? Was this done independently?

How far have you considered taxation and incentives issues associated with the commercialization of your IP? There may be taxation-related requisites (such as registering) to the commercialization of IP. The taxation treatment of revenues and expenses resulting from the commercialization of your IP can differ widely from the accounting treatment. There may be government financial assistance measures associated with IP assets and their commercialization.

Do you plan to use your IP assets as security or collateral for a loan, or to create a tradable security in the securities market? What is the possibility of securing future revenue streams linked to a bundle/portfolio of your IP assets?

Do you have a staff education program that covers the management and protection of your IP assets?

 

Kameshwar Eranki is CEO of VajraSoft Inc. He is author of the eBook – Managing Innovations for Profitable growth. For free download of the eBook, click here.

About VajraSoft Inc. – VajraSoft Inc. is Intellectual Property (IP) Management Software company, helping customers manage innovations and monetize IP’s. Our award winning products empower businesses and IP law firms to automate the patent filing cost estimation process of creating cost estimation quotes for filing a patent in any country globally. VajraSoft Inc. PatFolio helps customers with Invention Disclosures Management, Drafting Patent Applications, filing, managing patent prosecution life cycle and patent maintenance.

VajraSoft Inc. is Master Class IP Solution provider, and its products won several Cloud awards including – UP Start Awards for Best Industry Application for 2012. CIO Review magazine selected VajraSoft Inc. as 100 Most promising Big Data companies for 2014. Silicon India magazine listed VajraSoft Inc. as Top 100 Technology companies in US for 2013. VajraSoft Inc. is also Finalist of StartmeupHK Venture Program, conducted by the Govt. of Hong Kong and UP Start Cloud Award for Best BI / Analytics Application for 2013.

PatFolio not only automates invention disclosure management but also managing patent portfolio and patent prosecution life cycle. In addition, PatFolio provisions various checklists useful for patent filing. Using these checklists IP Professionals can ensure requisite information needed for preparing patent application is available and ready for filing. These patent application checklists save money, time and reduce / eliminate errors in patent application filing with patent office.

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Top 10 Inventors of 2013

Top 10 Inventors of 2013 are:

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Together, the top 10 inventors have 1,617 patents to their credit.

Shunpei Yamazaki, Japanese inventor in the field of computer science and solid-state physics. He is the most prolific inventor and holds over 3,193 U.S. utility patents as of June 25, 2013. Last year he had 360 patents to his credit. Shunpei is recognized for his innovative works in computer display technologies.

Lowell Lincoln Wood, Jr. is American astrophysicist and is affiliated with Lawrence Livermore National Laboratory and the Hoover Institution, and has about 710 US patents.

Bartley and Jonathan are from Apple and are credited with many product designs.

 

Kameshwar Eranki is CEO of VajraSoft Inc. He is author of the eBook – Managing Innovations for Profitable growth. For free download of the eBook, click here.

About VajraSoft Inc. – VajraSoft Inc. is Intellectual Property (IP) Management Software company, helping customers manage innovations and monetize IP’s. Our award winning products empower businesses and IP law firms to automate the patent filing cost estimation process of creating cost estimation quotes for filing a patent in any country globally. VajraSoft Inc. PatFolio helps customers with Invention Disclosures Management, Drafting Patent Applications, filing, managing patent prosecution life cycle and patent maintenance.

VajraSoft Inc. is Master Class IP Solution provider, and its products won several Cloud awards including – UP Start Awards for Best Industry Application for 2012. CIO Review magazine selected VajraSoft Inc. as 100 Most promising Big Data companies for 2014. Silicon India magazine listed VajraSoft Inc. as Top 100 Technology companies in US for 2013. VajraSoft Inc. is also Finalist of StartmeupHK Venture Program, conducted by the Govt. of Hong Kong and UP Start Cloud Award for Best BI / Analytics Application for 2013.

PatFolio not only automates invention disclosure management but also managing patent portfolio and patent prosecution life cycle. In addition, PatFolio provisions various checklists useful for patent filing. Using these checklists IP Professionals can ensure requisite information needed for preparing patent application is available and ready for filing. These patent application checklists save money, time and reduce / eliminate errors in patent application filing with patent office.

Assess How your IP Assets are contributing for Business Success

Assess the following to determine how your IP assets are contributing to your business success:

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  • To what extent are your IP assets currently being used, to what extent they are potentially useful, or no longer of use to your business?
  • Does your enterprise depend for its commercial success on IP assets?
  • Do you own these assets? or are they licensed?
  • On what types of IP assets do you depend? (for revenue streams)
  • Do you have new products or processes which will provide a unique competitive advantage? What are they? How will they revolutionize the industry? Can the associated IP rights be secured, providing additional differentiation and bar competitors from entering the market?
  • What competitive advantage do your IP assets (whether owned or licensed) provide to your enterprise?
  • Assess how IP provides or adds value to your customers and contributes to developing a sustainable competitive edge.
  • Do your trade secrets, patents, trademarks, copyrighted works and industrial designs go far enough to protect those aspects of your business that determine your business’ success?

Kameshwar Eranki is CEO of VajraSoft Inc. He is author of the eBook – Managing Innovations for Profitable growth. For free download of the eBook, click here.

About VajraSoft Inc. – VajraSoft Inc. is Intellectual Property (IP) Management Software company, helping customers manage innovations and monetize IP’s. Our award winning products empower businesses and IP law firms to automate the patent filing cost estimation process of creating cost estimation quotes for filing a patent in any country globally. VajraSoft Inc. PatFolio helps customers with Invention Disclosures Management, Drafting Patent Applications, filing, managing patent prosecution life cycle and patent maintenance.

VajraSoft Inc. is Master Class IP Solution provider, and its products won several Cloud awards including – UP Start Awards for Best Industry Application for 2012. CIO Review magazine selected VajraSoft Inc. as 100 Most promising Big Data companies for 2014. Silicon India magazine listed VajraSoft Inc. as Top 100 Technology companies in US for 2013. VajraSoft Inc. is also Finalist of StartmeupHK Venture Program, conducted by the Govt. of Hong Kong and UP Start Cloud Award for Best BI / Analytics Application for 2013.

PatFolio not only automates invention disclosure management but also managing patent portfolio and patent prosecution life cycle. In addition, PatFolio provisions various checklists useful for patent filing. Using these checklists IP Professionals can ensure requisite information needed for preparing patent application is available and ready for filing. These patent application checklists save money, time and reduce / eliminate errors in patent application filing with patent office.

Assessing Alignment of IP Strategy with Business Strategy

Assessing the IP asset base with the current corporate goals and objectives throws light on the gaps in patent families and areas where there is clear misalignment. A quick analysis of the Technology areas will reveal which are hot areas and which things of the past. In cases where past holds large inventories of assets then you might be better off to divest through either patent expiration or outright sale of the IP.

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  • Define & document high level objectives of IP Portfolio – both long term and medium term
  • Assess the alignment with business strategy
  • Context for alignment:
  • IP Protection – prevent competitors from copying differentiated features of products
  • Protect brand(s)
  • Provide Freedom to Operate (FTO), especially with competitors
  • Improve ROI on investment through generation of IP Revenues through out-licensing
  • Prioritize which IP assets are required for core products or technologies

Prioritizing these drivers to organizational success influences the type of assets needed and the most important products or technologies the assets should address. Next, identify the high-level objectives of the IP portfolio for both long-term and medium-term. Thereafter, assess the alignment in light of the objectives.

Kameshwar Eranki is CEO of VajraSoft Inc. He is author of the eBook – Managing Innovations for Profitable growth. For free download of the eBook, click here.

About VajraSoft Inc. – VajraSoft Inc. is Intellectual Property (IP) Management Software company, helping customers manage innovations and monetize IP’s. Our award winning products empower businesses and IP law firms to automate the patent filing cost estimation process of creating cost estimation quotes for filing a patent in any country globally. VajraSoft Inc. PatFolio helps customers with Invention Disclosures Management, Drafting Patent Applications, filing, managing patent prosecution life cycle and patent maintenance.

VajraSoft Inc. is Master Class IP Solution provider, and its products won several Cloud awards including – UP Start Awards for Best Industry Application for 2012. CIO Review magazine selected VajraSoft Inc. as 100 Most promising Big Data companies for 2014. Silicon India magazine listed VajraSoft Inc. as Top 100 Technology companies in US for 2013. VajraSoft Inc. is also Finalist of StartmeupHK Venture Program, conducted by the Govt. of Hong Kong and UP Start Cloud Award for Best BI / Analytics Application for 2013.

PatFolio not only automates invention disclosure management but also managing patent portfolio and patent prosecution life cycle. In addition, PatFolio provisions various checklists useful for patent filing. Using these checklists IP Professionals can ensure requisite information needed for preparing patent application is available and ready for filing. These patent application checklists save money, time and reduce / eliminate errors in patent application filing with patent office.

Tools for Patent Portfolio Assessment

Tools that can aid objective assessment of patent portfolio:

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  • 1) Identify the patent families, classification(s)
  • 2) Define the tags, key terms (for doing search)
  • 3) Review quality of IP assets by technology area and relevance
  • 4) Perform your due-diligence – Evaluate IP Patent portfolio in light of corporate objectives, goals and identify areas of misalignment
  • 5) Monetize the non-core assets through outright sale or licensing

ReportingDon’t forget one key thing – reporting. You need to first assess the gaps in alignment and controls you want to leverage to reduce or eliminate gaps in alignment. Have measures in place to understand and track the status of portfolio in light of long term objectives.

Optionally keep target programs as tool to acquire IP assets (M & A) and close the gaps in alignment.

Kameshwar Eranki is CEO of VajraSoft Inc. He is author of the eBook – Managing Innovations for Profitable growth. For free download of the eBook, click here.

About VajraSoft Inc. – VajraSoft Inc. is Intellectual Property (IP) Management Software company, helping customers manage innovations and monetize IP’s. Our award winning products empower businesses and IP law firms to automate the patent filing cost estimation process of creating cost estimation quotes for filing a patent in any country globally. VajraSoft Inc. PatFolio helps customers with Invention Disclosures Management, Drafting Patent Applications, filing, managing patent prosecution life cycle and patent maintenance.

VajraSoft Inc. is Master Class IP Solution provider, and its products won several Cloud awards including – UP Start Awards for Best Industry Application for 2012. CIO Review magazine selected VajraSoft Inc. as 100 Most promising Big Data companies for 2014. Silicon India magazine listed VajraSoft Inc. as Top 100 Technology companies in US for 2013. VajraSoft Inc. is also Finalist of StartmeupHK Venture Program, conducted by the Govt. of Hong Kong and UP Start Cloud Award for Best BI / Analytics Application for 2013.

PatFolio not only automates invention disclosure management but also managing patent portfolio and patent prosecution life cycle. In addition, PatFolio provisions various checklists useful for patent filing. Using these checklists IP Professionals can ensure requisite information needed for preparing patent application is available and ready for filing. These patent application checklists save money, time and reduce / eliminate errors in patent application filing with patent office.

What Factors influence IP strategy?

Intellectual Property (IP) strategy is a clear understanding of the business objectives to be achieved, getting aligned with them and contribute in achieving these objectives. Tighter the alignment, better are the results. So, its key to understand what factors influence IP Strategy.

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  • What is your range of products and services?
  • How important is product exclusivity?
  • Who are your competitors and how do they operate?
  • What kind of partnerships will you have?
  • What kind of control do you need over vendor and distribution channels?
  • What is your investment model?
  • What is your revenue model?
  • What is your marketing plan?
  • What is your plan regarding mergers, acquisitions and divestitures?
  • What is your exit strategy or back-up plan?

Takeaways – In a nutshell, define IP strategy in line with the business objectives – long term and short term. One other key factor to determine is if you want to adopt offensive patent strategy or not. Ultimate goal is to focus on Increasing Strategic business value.

Kameshwar Eranki is CEO of VajraSoft Inc. He is author of the eBook – Managing Innovations for Profitable growth. For free download of the eBook, click here.

About VajraSoft Inc. – VajraSoft Inc. is Intellectual Property (IP) Management Software company, helping customers manage innovations and monetize IP’s. Our award winning products empower businesses and IP law firms to automate the patent filing cost estimation process of creating cost estimation quotes for filing a patent in any country globally. VajraSoft Inc. PatFolio helps customers with Invention Disclosures Management, Drafting Patent Applications, filing, managing patent prosecution life cycle and patent maintenance.

VajraSoft Inc. is Master Class IP Solution provider, and its products won several Cloud awards including – UP Start Awards for Best Industry Application for 2012. CIO Review magazine selected VajraSoft Inc. as 100 Most promising Big Data companies for 2014. Silicon India magazine listed VajraSoft Inc. as Top 100 Technology companies in US for 2013. VajraSoft Inc. is also Finalist of StartmeupHK Venture Program, conducted by the Govt. of Hong Kong and UP Start Cloud Award for Best BI / Analytics Application for 2013.

PatFolio not only automates invention disclosure management but also managing patent portfolio and patent prosecution life cycle. In addition, PatFolio provisions various checklists useful for patent filing. Using these checklists IP Professionals can ensure requisite information needed for preparing patent application is available and ready for filing. These patent application checklists save money, time and reduce / eliminate errors in patent application filing with patent office.