What is it?
Intellectual Property Management (IP Management) helps companies, in-house attorneys create a strategy for their approach to handling intellectual property that the company has or wants to acquire. IP Management helps companies and IP law firms with preparing for and conducting IP filings and litigation as well as a system for tracking information and critical dates about existing patents.
Why is it important?
Intellectual Property (IP) is one of the most important assets of a leading edge technology company. Whether it be patents, copyrights, trademarks, trade secrets or know-how, it is critically important to identify it, document it, protect it and in some cases, register it. All of this activity takes a team of engineers, technical writers, technology managers, and executives. Regardless of the size or composition of the team, it is advisable to appoint one person to be responsible for the overall management of IP. This will ensure things don’t fall through the cracks as there is much to keep track of. Good IP management also requires the development of a strategy in order to balance the cost involved in registering IP against the protection that will be required in markets you are in or plan to develop.
Another important part of managing IP is keeping tabs on what your competitors are doing. Any time a competitor is awarded a patent, you should be examining it to ensure that you are not infringing on their IP.
What to look for in Intellectual Property Management Solutions?
Security and privacy are always a major concern with IP tools. Additionally, look for how the tools integrate with your existing tool portfolio. Some tools offer a variety of capabilities while others are more narrow in focus. Determine whether your company is seeking a specific solution or a suite of IP functionality
Subcategories of Intellectual Property Management
IP Portfolio Management Systems
Intellectual Property Management software is used by businesses that own or aspire to acquire trademarks and patents. Additionally, Intellectual Property Management software helps attorneys and IP law firms with preparing for and conducting IP filings and litigation.
IP Portfolio Strategy & Services
A patent portfolio strategy is a crucial and valuable investment that all technology companies should look into. Having a broad portfolio can help the company increase and broaden their revenue streams. At the same time, they can create essential protection for their main intellectual property assets.
Patent annuity is the fee that is paid to a patent office to maintain a granted patent or patent application in force. It is also known as renewal fee or maintenance fee. This can be outsourced to a number of firms.
Prior Art Search
Prior art in the context of patent searches is any publicly-available evidence that the invention was already known at any earlier time. It is enough that someone, somewhere, sometime previously has described or shown or made something that contains a use of technology that is very similar to the invention. This search is often done by a patent attorney and or a variety of firms. In some cases, larger companies do this function in-house.
IP Consulting can help small and large businesses, universities and other patent owners determine the value of their patents and other intellectual property, then assist in the development and implementation of a strategy to optimize and monetize those assets.