Analytical-Purpose Patent Tools For Healthier Patent Portfolios
Having a healthy patent portfolio means using the right tools to help you analyze your patents, prune them down and diversify them. These tools include PAIR Watch, Insightloupe and PatentAdvisor.
Using PAIR Watch and the right amount of forethought, you’ll be armed and ready to make the most of your time at the USPTO. To keep things on the down low, you’ll need to know what’s on your agenda and what’s not. That means keeping your finger on the pulse of new patents, new filings and pending applications. The PAIR mobile service keeps you in the loop, literally. Unlike the old school service, you’ll find all the latest patent information on your mobile device, not to mention the most recent patents – including the new gen petty offices. You’ll also receive tailored email alerts containing the latest information, so you’ll be a step ahead of the competition.
Assuming you have the bandwidth, you’ll be able to take advantage of a number of free or low cost workshops to help you get the most out of your patent portfolio. There’s no shortage of knowledge amongst the patent attorneys, patent agents and petty offices.
Managing patent portfolios requires a constant focus on monitoring and maintenance. Large companies with big portfolios must carefully triage their assets. They must identify those that are high quality and those that need to be trimmed. They can use the tools provided by the LexisNexis PatentAdvisor to achieve this goal.
The PatentAdvisor tool provides a comprehensive overview of all aspects of a patent application. By running an analysis on a selected record, it allows users to see how well the patent documents are performing and how much value is extracted from them. In addition, it helps them develop more effective drafting approaches and provide constructive feedback for attorneys.
The tool provides a complete overview of the prosecution process. It allows users to determine the likelihood of obtaining a grant and rejections. Moreover, it offers a timeline design, providing a visual representation of the entire patent prosecution process.
The tool also gives insight into the competitive landscape and helps users evaluate the overall strength of their patent portfolios. It can be used to monitor and assess competitor patent applications and weed out those that are not performing well. It can be a useful tool in due diligence on a potential merger or acquisition. It can help you identify technological areas where patent protection has been a challenge.
The tool has a digital briefcase feature, which enables users to select and narrow the scope of examiner’s statistics. This provides information about examiners, USPTO actions, and litigation. It can also help identify pending patent applications that need more attention. It can also help you find strategies to lower your prosecution costs.
It can also help you manage a patent attorney. By comparing the performance of attorneys, it can assist in determining which attorneys are doing a good job and which ones need more work. It can also help you identify underperforming law firms.
The platform also has an examiner lottery framework, which allows patent applicants to target tech centers that are more favorable. This can be a powerful tool to help Ben Hoopes maximize his company’s resources.
By using the tools offered by the PatentAdvisor platform, you can achieve a healthy and productive patent practice. It can also help you protect your brand.
Optimising patent portfolios is crucial for businesses. This involves analysing, evaluating and deciding which patents are worth retaining and which are worth pruning. This is done by leveraging analytics.
An ideal patent portfolio is focused and lean. The goal is to find the best patents that will enhance the organisation’s performance. The process should be undertaken under the guidance of experts. The results should be demonstrable in a case study.
For companies that have a large number of patents, a portfolio optimisation process will help them to determine the most viable options. It will also enable them to align their IP budget with their business goals.
The first step in this process is to segment the portfolio into high value and low value patents. Once these are identified, the process begins to prune. This includes eliminating patents that have no future value and redistributing the IP budget.
A patent is an asset that is vital to the survival of a company. By identifying which patents to retain and which to prune, a company can ensure that it is putting its best foot forward. This helps to protect the company from any potential liabilities.
The best time to conduct an analysis of the patent landscape is before a new project is started. The analysis will provide an overview of the field and help to decide how to engage a particular examiner. It will also give an indication of whether the patent is fundamental.
The next stage in the analysis is to look at the relative market position of the patents. This will help to plan for any possible M&As. It will also allow an external assessment of the competitive landscape.
Insightloupe is an expertly backed and technology-driven solution that offers comprehensive and accurate insights into the patent and R&D landscape. It provides a secure online report with visualizations. The company’s human expertise combines with the latest technology to deliver best-in-class R&D insights.
The solution is free to use. Clients can access a variety of data including public and private patent information, maintenance events, legal events and family data. This allows them to gain unique insights into their portfolios and the market.
Diversify your portfolio
Using analytical-pruning tools to diversify your patent portfolio is an important step in improving the returns of your IP assets. It helps to ensure that your patents are valuable and contribute to the overall success of your business. While diversifying can increase your expected returns, it can also create high maintenance costs. It’s important to avoid over-diversification so that your portfolio remains manageable.
An ideal patent portfolio is lean, focused and in tune with your company’s goals. It involves identifying new technologies, subtracting and adding patents, and analysing your current portfolio to determine its risk and return profile. The process helps to free up resources so that you can focus on your winning investments. It will also help you to identify opportunities to grow your business.
If your portfolio is too large, you’ll likely see a decrease in your expected return. It can be difficult to know which ideas to eliminate. For example, if you have three patents that are generating a high return, but they’re not contributing to your overall success, you might consider removing one of them.
The optimal size of a portfolio varies depending on how many individual stocks and securities are in the portfolio and how much budget you have. In order to fully diversify, you should aim for a threshold of at least 5% to 10% of your overall investment. You can achieve this with a portfolio of less than $10,000.
If your portfolio contains a lot of low-quality patents, you can also consider redistributing your IP resources. This can be done by reinvesting resources in R&D, patent maintenance, or new patent filings. You can also sell your IP for a larger return. Alternatively, you can monetize your core patents by licensing, reselling, or litigating them.
An ideal portfolio should be focused and lean, so that your costs are aligned with your business’s goals. It can be very cost-effective to do this, but it’s important to keep a check on your patent holdings so that you don’t end up with a diverse portfolio that doesn’t add value. By pruning your portfolio, you’ll find that you’re better positioned to focus on the patents that have the greatest potential for increasing your ROI.