Your business may have a Rembrant in the Attic. Many inventors and businesses own rights to intellectual property, specifically patents, that they have put on the shelf as a “good idea that does not fit the business model right now” product. Dusting off that patent and licensing it to another player in the industry may unlock the potential for ROI in that investment today.
Recognizing that there is a concern regarding the rights and remedies of patent holders, specifically injunctive relief vs. equitable remedies, I argue that licensing continues to be a successful business model.
A Systemic Approach
The key is in the process. How do you evaluate your portfolio? How do you reach a conclusion as to which of your patents, or other IP assets, deserve the investment of time and energy to negotiate and procure licensing?
As with many business decisions, strategic thinking is the key. Implementing a systemic approach to analyzing your patent portfolio and will create efficiency in the process. It will also provide you with a deeper overall understanding of your patented inventions. The process:
- Understanding your portfolio: This first step is a deep dive into analysing your patented inventions.
- Market analysis and prioritization of your patents: with an Understanding of what you have will allow you to determine the priority of which inventions or groups of inventions to address first.
- Inventions or groups of inventions priority level: Identify these targets by categorizing the priority level of inventions or groups of inventions.
- Objectives in licensing and understanding the Return on Investment: Understand your objectives, and the possible licensing models and scenarios to determine optimal ROI
- Perform a use analysis prepare claim charts: This legal analysis and technical investigation of what your patents claim will drive your approach when seeking licenses from potential licensees.
See Chhavi Bhandari’s Article for additional discussion on this Systemic Approach to Licensing: http://www.ipwatchdog.com/2015/12/15/systematic-approach-to-a-successful-patent-licensing-program/id=63775/
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