Building a patent portfolio can be a challenge for a small business, as it can be both time consuming and expensive. However, if done correctly it can foster a culture of innovation and ingenuity that can build tremndous value for the company. Patents also create value in product areas that may play a prominent role in the future of the business.
The most effective approach to strategically build a patent portfolio is to align the patent search results with the invention disclosure and business goals. Only with the alignment of this information can you determine if filing a patent application is feasible, cost effective and worthwhile to pursue. Critical factors to be considered are covering alternative embodiments of the technology and ultimate defendability of the patent. Once you determine an invention is, in fact, worthwhile to pursue, the alignment of this information will help determine the level of resources to be allocated to patent improvements and additional related applications. The problem is that most small business owners do not have the procedures in place to record, identify and disclose the invention. Further, they often lack the financial resources necessary to complete patent searches, obtain an understanding of prior art and review patent disclosures. The cost of a big firm patent attorney can make the process uneconomical, leaving a small business owner reluctant to pursue a patent position at all. This can be very frustrating, and can cause missed opportunities at creating value.
Legacy Consulting, LLC has the passion and experience necessary to be a one-stop-shop for entrepreneurs. We can provide the support necessary to protect your intellectual property in an efficient and cost effective manner. With over 20 years’ industry experience and 5 years patent portfolio management experience, Legacy Consulting can be the single greatest factor contributing to the value of your business.
Contact a Trusted Advisor, someone who understands your business, that can help determine what is necessary to not only survive, but thrive. Legacy Consulting can be at your disposal 24/7 to help you see the future of the business and help instill the discipline today to achieve the ultimate goal tomorrow. Visit http://www.legacy-consultingpartners.com to see how we can help your business.