Importance of effective patent portfolio management

1. Importance of effective patent portfolio management Los Altos: One of the key components of the IP portfolio is patents. A patent is a right or title granted to a person or organization by the government authority that excludes any other person from making, using, selling or importing the invention claimed in the patent. The patent portfolio management is most effective when well aligned with the company’s business and development objectives that can help it to secure a stronger market position and potentially generate income. Patent portfolio management is a process through which a company can coordinate its patent strategy and product strategy. The value of a company’s patent portfolio needs to be measured as a whole to assess the true value of the company’s patents. The development of the patent portfolio is an ongoing process. Patent portfolio development involves the assessment of intellectual property, competitors, products, business plans, prior art, and other matters for developing the patent portfolios and devising the appropriate strategies for protecting the overall IP. Once the patent assets begin to reach a positive trend, it is very important to manage all the patent portfolios effectively. Patent portfolio management is a crucial step in the patenting process if not followed properly can lead to a loss in the revenues and will eventually drain the company’s profits. Patent portfolio management involves maintaining the patents in diverse areas to reduce the risks to the company’s financial structure if any. For effective analysis and organization of the company’s patent portfolio, you need to identify and analyze the strengths and weaknesses of the portfolio according to the number of technical, legal and commercial parameters. In order to maintain a successful and effective patent portfolio, it should be reviewed and rebalanced on a regular basis depending on the company’s lifespan of particular patents and current needs. The office action response drafting services involve filing timely responses to office actions received from the USPTO to expedite the patent prosecution process. A Patent Office Action is a document stating the possible objections and rejections related to the patentability of the patented claims issued by the patent examiner after reviewing the pending patent application. The office action should be responded to immediately by the patent applicant to continue the prosecution process of the application. Office actions Responses must fully clarify and cover all grounds of rejection and objection made by the patent examiner. Patent portfolio management plays an important role in office action response drafting. With solid patent portfolio management strategy the company’s patent portfolios can be analyzed on a regular basis at each stage of the patent prosecution life cycle.

2. About Leap-IP: By harnessing advancements in cloud, automation, and AI, Leap-IP has emerged as the only SaaS platform that attends to every stage of the patent lifecycle. Built for enterprise executives, patent attorneys, paralegals, and engineers by IP and technology experts, Leap-IP is a platform smart enough to transform the patent lifecycle and enhance the valuation of IP. Address: Leap IP https://www.leap-ip.ai/ Headquarters - 161 S San Antonio Road, Suite 10, Los Altos, CA 94022 Email id - connect@leap-ip.ai Media Details: Media Contact Person – Vijay Raghavan Email Id – Vijay@leap-ip.ai Mobile Number - +919717040895 https://www.facebook.com/LEAP-IP-422115101663743/ https://twitter.com/LEAP_IP https://www.instagram.com/leap_ip/ https://www.linkedin.com/company/leap-ip