While March is a little early to plan annual budgets if your fiscal year matches the calendar year, it’s never too early — or too late — to gain some insights on how budgets affect the management of your corporate IP. Todd Rapier, executive vice president of worldwide sales at MultiLing, offers a tutorial for managing an IP budget at IP Watchdog. A Business Tutorial: Four Ways to Stretch Your Patent Budget is aimed at business managers, who may not be familiar with the intellectual property services their organizations invest in and the impact that it has on their business.
“For those more focused on your company’s business outlook, with intellectual property (IP) being one of many departments under your umbrella, learning some basics on the critical – and not so critical – components of an IP budget can be extremely helpful as you work with your IP managers to make the most of what they have,” wrote Todd.
Todd outlined four practices that will help managers make the most of any IP budget:
1. Track potential patents and patent applications currently in prosecution – Periodically reviewing your in-progress patent portfolio with a substantive eye toward whether the assets continue to be worth pursuing is very important.
2. Work with the IP Managers to Prioritize Future Patent Applications – Enumerating exactly what the patent’s projected revenue is to the company prevents superfluous patents from being filed.
3. Ensure quality applications from the start with outsourcing partners that follow best practices – Providers, like MultiLing, that rely on a streamlined patent translation services model can break down translation silos and not only produce high quality translations, but also reduce total cost of patent ownership.
4. Communicate, Communicate, Communicate – A lack of communication can be extremely costly, especially if the marketing team announces a new technology before a patent application is filed in the United States or in countries in which protection is critical. In many countries, the inventor will have lost the right for protection completely.
Access the full article with all the insights at the MultiLing news room.