Managing Your Patent Assets Effectively: A Guide
In the dynamic world of intellectual property (IP), staying ahead of the game is crucial. The TIP tool, developed by Triangle IP, is revolutionising the way companies manage their patent portfolios, providing a streamlined and transparent approach to IP strategy.
For large companies, such as Siemens, the TIP tool offers a top-down planning approach, tying IP strategies directly to overarching business goals. Patents are not just for legal protection, but also for defending market share, influencing industry standards, and generating licensing revenue. Regular freedom-to-operate (FTO) analyses are performed to avoid infringement risks, and patents are used as active assets for licensing, partnerships, and negotiation leverage.
On the other hand, SMEs prioritise patents that align with their core company missions, such as sustainability or social governance goals. They focus on protecting innovations that support strategic objectives and market differentiation, and use licensing models that uphold their company values.
The TIP tool caters to these diverse needs by providing personalised dashboards for each role in the patent acquisition system. Executives can find information about which applications cover features relating to a particular product or service offering, while patent lawyers can access detailed information about their docket for prosecution evaluation. Inventors can access information about the applications for their inventions and their place in the portfolio.
One of the key benefits of the TIP tool is its ability to save time and money by making information transparent and accessible. By providing open access for each person to find information tailored to their role, the tool eliminates the need for inventors, managers, and executives to wait for monthly docket reports or rely on patent counsel as the gatekeeper for patent-related information.
The TIP tool also provides notification capability so that everyone involved in the portfolio can access the same information, fostering a culture of transparency and collaboration. Micro-status reports, which provide information about the prosecution of each case, are supplemented by the TIP tool's dashboards, which offer a big picture view of coverage of ideas and inventions.
Implementing systems like the TIP tool can be instrumental in reducing overall patent expenditure. By aligning objectives and metrics across the board, decision-makers gain a comprehensive understanding of the overall status of the patent portfolio. Regular reporting with business context, dashboard metrics integrating patent metrics with business KPIs and risk indicators, and a cultural shift towards "better patents" are all strategies that ensure decision-makers understand the portfolio's status.
To learn more about the TIP tool and its dashboards, visit the Triangle IP website. By tailoring patent strategies to their scale and resource capabilities, SMEs and large companies can better align their patent portfolios with business objectives, ensuring a clear, comprehensive understanding of the portfolio’s overall status.
- In the intellectual property world, the TIP tool, developed by Triangle IP, is transforming how companies manage their patent portfolios, offering a strategic approach tied to overall business goals.
- For large companies like Siemens, the TIP tool offers a top-down planning approach, enabling IP strategies to align directly with business objectives beyond legal protection.
- SMEs, prioritizing patents that align with their core missions, find the TIP tool valuable as it caters to diverse needs, providing personalized dashboards for each role in the patent acquisition system.
- The TIP tool's key benefit lies in its transparency, saving time and money by making information accessible to all involved, eliminating the need for lengthy monthly reports or reliance on patent counsel.
- The TIP tool fosters a culture of collaboration through notification capability, ensuring that everyone has access to the same information about the prosecution of each case and the overall status of the patent portfolio.
- To optimize patent expenditure, systems like the TIP tool can be instrumental in aligning objectives and metrics across the board, allowing decision-makers to gain a comprehensive understanding of the patent portfolio's status, incorporating patent metrics with business KPIs and risk indicators.
