Patent Portfolio Review
If your business currently holds U.S. patents and you are interested in exploring the possibility of patenting other ideas and innovations, it may be worthwhile to invest in a patent portfolio review. Why? Because a portfolio review provides a valuable overview of your current patents, what sectors those patents are focused on, and how much you have invested in those patents.
Let’s begin…
What Exactly is a Patent Portfolio?
A patent portfolio typically encompasses the sum of issued patents, patent applications, and development ideas affiliated with your business.
What Exactly is a Portfolio Review?
A patent portfolio review includes analyzing a company’s notice protocols and making necessary recommendations to ensure the maximum protection of your patent portfolio.
A patent portfolio review may also include analyzing your company’s internal business processes, from product development to sales, to ensure maximum intellectual property protection. Your company’s employee handbooks, internal operating procedures, annual reports, and even everyday e-mails can affect your ability to enforce your patent. Internal controls and proper employee training may need to be identified and instituted to protect patents and related intellectual property.
Why Is a Portfolio Review Important?
There is significant value in taking stock of your patent portfolio since, in many instances, going through the patent portfolio review process often leads to broader intellectual property law questions that address important issues such as trademarks, copyrights, trade secrets, privacy laws, and so forth. Also, a deep dive into your patent portfolio could lead to identifying other potential patents that you haven’t applied for but could.
For example, it is common for patents to be drafted quite broadly. However, once you’ve secured your patent and are doing business, you may discover additional features that could be a candidate for a new patent. Hence, during the review process, important questions can be asked related to company processes and products to assess whether more narrowly drafted patents could benefit the overall value of your patent portfolio. The review may also reveal innovative products or processes that the company has that are eligible for patent protection but have not yet been identified.
In addition to gaining valuable insight into what you currently have patented and complying with renewal requirements, another benefit of conducting a patent portfolio review is that it helps ensure your competitors remain on notice that you hold a patent on a particular idea or innovation. In fact, to obtain full damages in a patent infringement lawsuit, you are required to prove that the infringer knew you had a patent that covered that alleged infringing product.
Interested in a Patent Portfolio Review? Contact The Omni Legal Group Today
As you can see, a patent portfolio review has the potential to help your business grow by identifying specific areas that allow you to take full advantage of the hard work you’ve put into developing products and patents. If you would like to learn more about what is involved in a patent portfolio review, contact the Omni Legal Group today. We are a premier Patent, Trademark, and Copyright law firm located in Los Angeles. Our legal team of highly experienced patent attorneys, specialize in protecting your intellectual property securing your patents, trademarks, and copyrights. To schedule an appointment please call 855.433.2226 or visit www.OmniLegalGroup.com to learn more.