The November issue of Colorado Lawyer features the final article in a three-part series, “Patent Dispute Primer: The Importance of Developing a Strategic Patent Portfolio,” authored by Elizabeth Manno and Manny Caixeiro. It explains why and how patents are a critical part of a business strategy and offers considerations for building a strong patent portfolio. The following is an excerpt:
Many companies view patents as, at best, ancillary to their core mission and, at worst, an unnecessary expense and distraction. Patents may be perceived as a luxury that might protect against hypothetical idea theft in the future but do little to help achieve near-term business goals. After all, patents are intangible assets with uncertain and subjective values, and most patents are never infringed, monetized, or otherwise used. Why devote precious resources to obtaining patents when the same resources could be directed toward day-to-day operations?
Viewing patents solely from this perspective is a mistake. Innovative companies should seriously consider obtaining patent protection, as it can be a valuable tool to help achieve business goals. Patent portfolios can protect investments, increase a company’s value, promote creative research and development, secure legal monopolies, deter competitors from enforcing their own patents, establish a company as an innovator, and create assets. Indeed, in some cases, patents can not only protect a company’s most critical products but also become revenue generators. Lacking a strategic and well-curated patent portfolio can cause a company to fall behind. This article outlines the benefits of patent protection, highlights the risks associated with failing to obtain patents, and provides tips for developing a patent portfolio.
For the full article, click The Importance of Developing a Strategic Patent Portfolio.
This series of articles introduces patents, and related litigation and business strategies, for businesses and attorneys who may be unfamiliar with the world of patent litigation. Visit Patent Infringement Basics All Attorneys Should Know for part 1 and Defending Against a Patent Infringement Claim for part 2.