Having a patent application is not the end of the line for developing IP assets, it's only the beginning. There are several business development and post-patent steps that companies can take to maximize returns on assets:
- Include both business management executives and IP/scientific experts in developing the overall business plan. This ensures everyone is focused on the same goals and that research and development funding is used for maximum gains.
- Develop effective systems to help stay on schedule with deadlines. This is important even after patents are issued, in order to ensure maintenance fees are paid on time.
- Keep an inventory of IP, including patents, trade secrets and trademarks. Larger companies can save millions by auditing the value of these intangible assets and discarding low value patents that cost more than they are worth in maintenance fees. This also helps streamline activities and expenses in terms of meeting company milestones, maintaining the pipeline, and keeping focus on the core technology.
- Use audits to assess company value if seeking financing, or to explore means of profiting from IP such as forming license agreements. An audit may also reveal where additional patents should be filed, to fill gaps in coverage or address foreign opportunities, depending on anticipated future markets.
Source: Ceballos, A. 2009. Capitalizing on IP Assets. BioBusiness, June/July 2009.
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