Questions To Ask While Developing a Patent Portfolio for Your Company

While the COVID-19 epidemic has had varying effects on each industry, the need to safeguard your company’s knowledge-based assets has been consistent. It is time to examine your patent strategy, choose the next steps, and gain a competitive edge for your company.

Here are some things to ask yourself as you prepare your patent portfolio for a post-pandemic future.

Is the government budget increasing the worth of your patent portfolio?

Budget 2021 strives to advance the federal government’s innovation agenda and acknowledges the economic value of the intellectual property. Investments in a wide range of intellectual property assets can now be expensed immediately, and financial institutions’ capacity to lend against intellectual property and start-up assets have strengthened. These advancements present several potential benefits for well-eprpared inventors and enterprises.

Do you have a well-thought-out patent strategy in place?

If you answered yes, think about how your strategy may be better linked with how your company has changed over the last year. Now is the moment if you haven’t reviewed your patent strategy in a while or if you haven’t examined your knowledge-based assets to see what developments could justify patent protection. Because patent applications must often be submitted before an invention is made public or commercially available, it is never too early to begin thinking about these challenges.

Does your internal processes designed to safeguard knowledge-based assets?

Your ideas form the basis of your company’s competitive edge. However, this advantage may be lost without strong intellectual property protection mechanisms and rules.

Is your organization following adequate standards for protecting private information and trade secrets? For example, in your transactions with other firms, do you make efficient use of contracts such as non-disclosure agreements and collaborative development agreements?

Because the value of a patent can be lost if it is prematurely disclosed or the ownership status of an invention is uncertain, it is critical to have good rules in place to safeguard your interests when collaborating with other firms.

Do you want to learn more about patent protection?

Brealant provides a free introduction to the patent procedure. Learn why a patent is necessary, how to apply for patent?, and how the process works. In addition, Brealant can assist you in understanding your options and what steps you should take next.If you want to move beyond the information in the Patent, Brealant, intellectual property attorneys can help you get patent or other intellectual property protection for your intangible assets.