The global lockdown to stop the spread of novel coronavirus has given a first-hand experience of crisis management to organizations. The situation brings focus on the intellectual property (IP) portfolio to survive the pandemic.
In this article at the National Law Review, Jennifer L. Gregor suggests acting pragmatically and forming strategies to manage the IP portfolio is the ideal way to save your venture.
Strategic IP Management in the Crisis
There is no standard approach for business leaders to maintain consistency. IP portfolio management depends on the nature of your venture and development stage. Regardless of where you stand right now, follow these steps to manage IP portfolio amid the pandemic:
Deliberately Used Patent Mechanism
The patent laws have numerous mechanisms, depending on your country’s governance obligation. You can strategically use it to defer portfolio costs while preserving rights. Let us take a look:
- By filing a provisional application instead of following a standard procedure, you can manage time and cost. Delay in any one of the formalities in interim filings may defer significant expenses while preserving your rights.
- Rely on grace periods with your counsel’s intervention. Possibilities are high that your patent protection right would be unavailable because many foreign jurisdictions do not allow the filing for a grace period.
- Run internal audits before making proceedings for the applications. Let your counsel investigate sales or other offers to sell embodiments that can nullify your patent validity.
Secrecy: A Substitute for Patent Protection
Another way to reduce patent filing costs is to keep all your inventions a secret. You can use trade secret protection for an infinite term. It will prove beneficial for the manufacturing procedures to reverse the reproduction of an innovation.
Focus on Key Jurisdictions
Trademark filing is less expensive than patent registration. It helps you achieve and protect the brand while focusing on the listings for key jurisdictions for your venture.
Use Design Patents and Copyrights
Though it is a common form of protection for your inventions, design patents and copyrights are inexpensive than utility patents and trademarks.
Despite the emerging challenges, you have enough opportunities to seize. Keep innovating to resolve new problems and acquire IP licenses from third parties. Strategic execution and IP assets licensing may result in royalty revenues.
Click on the following link to read the original article: https://www.natlawreview.com/article/seven-tips-ip-portfolio-management-turbulent-times