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Portfolio Development Strategies For Industrial Firms

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Patents are a critical element of a company’s business strategy and can operate as insurance to protect investment in new product development. One strategy is to have engineers and scientists working in the company submit invention disclosure when they believe a new invention has been made. While this is a standard practice, it may not always drive strategic patent filings specifically tied to the business investment in new products. An additional strategy that may be used is to drive patent filings more from the business perspective that is more tied to the marketing and business strategy considering where competitive activity is expected. This approach is more appropriately terms a portfolio development approach, and can lead to higher value patents that better protect strategic business directions. As engineers and scientists tend to focus more on the scientific advancement necessary to form an invention, intellectual property specialists can assist in leading mining sessions wi…