Posted on: 28 November 2016
With more companies recognizing the value of patents as transactional goods, patent acquisition is playing a more prominent role in the development of a solid business portfolio. Investing in the purchase of existing patents can be costly, so you want to ensure that you are making sound purchases.
Here are three tips that you can use to help ensure you are investing in the right patents to bolster the strength of your company's patent portfolio in the future.
1. Look for patents that protect specific product features.
If you have a product whose features are protected by an existing patent, acquiring the rights to this patent will help you keep your product out of the hands of your competitors.
When you own the patent, you have the ability to pursue legal damages should a competitor release a product whose features are too similar to the features of a product marketed by your company. Having this legal protection will ensure that your company's goods and services remain unique within the market.
2. Look for patents that will allow your company's activities to expand.
In order to remain profitable in today's diverse market, your company must constantly grow and expand. If you are looking to move into a new sector of the market, you can use patent acquisition as a tool to help you successfully transition into the new sector.
Looking for patents that offer the rights to technology platforms that will allow for the expansion of your company's reach into new target markets will help you become more profitable in the future.
3. Avoid bankruptcy sales.
While you may be lured in by the low prices often associated with patents being sold by companies that are going bankrupt, it's important to recognize the hidden costs associated with these seemingly affordable patents.
A bankruptcy court must usually approve the sale, and you could find yourself facing a lengthy appeals process before you can be awarded full ownership of a bankruptcy-purchased patent. Avoid these pitfalls by expanding your patent portfolio through private sales and public auctions instead.
Working with a knowledgeable patent attorney can be a great way to help your company identify patents that may be beneficial and target these patents for purchase to add to your portfolio. Be sure that you are focusing your attention on patents that protect your existing product features, allow for expansion into new markets, and are being sold through avenues that make them easy to access in order to facilitate the patent acquisition process.Share