To protect your invention from individuals who want to take advantage of its use, you need to legalize the ownership under your name. And that would happen when you file a patent on the subject. Doing this will not only protect your rights, but you will also exploit its use for your advantages. Meanwhile, as important as the patent prosecution is the IP portfolio evaluation. After your IP has given protection, you need to subject this to analysis and evaluation. What good it could give you is directly proportional to the advantages you enjoy, and that would strengthen your ownership on the patent. In this context, the need for IP portfolio evaluation will be talked about. Check this article and find out.
- To know the worth of the patent. With evaluation, you get to know the value of the patent. On its assessment, the patient will be classified according to its group and analyzed by its worth on its classification and relationship with the existing patents of the like. The value of patents might depend on its usability, current generated income, predicted future value and uniqueness. For some established company having great success, the value of their patent tends to be higher in the value of income/profit they could get from the business.
- For possible infringement cases. Evaluating the patient is a good way to protect the rights of the IP. Cases will be strengthened against those that committed infringement and fines will be imposed. This is one of the great advantages of IP portfolio evaluation as the owner gets the maximum advantage of his invention.
- To give distinction on its patent. When going through IP portfolio evaluation, the patient will be a group and classified according to its nature and uniqueness from the rest of the family. Hence, this process will not only give protection on the patent but will also give a solid distinction.
- To define the patient according to its overall description. With evaluation, the patent’s description will be strongly recognized. Its description becomes clearer as it gets to line up with its class and family. Once the evaluation has been done, IP portfolio will have a solid document that proves its identity. It is important that patients are well evaluated for it to have a clearer description. Meanwhile, if there would be cases of infringement, the complaint will be more strengthen with the evaluation document that shows the detailed characteristics of the IP portfolio. Hence, the issue is clearly pointed out, and chances of winning the case are near to 100%.
The evaluation of IP portfolio would give additional advantage to the existence of the patent. This includes the value of the patent, solid document that proves its ownership and identity, protection and exploitation of the IP portfolio. When a case of infringement arises, the owner will get the favor as he has a strong hold on the identity of the patent. The document clearly shows how the patent has been taken advantage by the alleged, and then the case will be easier to close in favor to the owner.…