Patent portfolios can get messy over time—and that’s before you consider any valuable IP protected in other ways. Mergers and acquisitions, changing technology, and updated IP and business strategies all impact how a patent portfolio evolves. Simply renewing each and every patent, new and old, for the entirety of its full protection period is not practical, let alone strategic. Yet, how do you assess the best course of action for each patent? Which do you prioritize?
Your organization needs a quantitative approach to patent portfolio analysis and optimization. When the goal is to strategically strengthen your portfolio in ways that align with both business objectives and market opportunities, metrics are a must. AI-based evaluation allows patents to be scored against the industry as a whole, as well as part of your portfolio. An AI engine trained on patent literature offers the ability to answer strategic questions with numerical values that guide decisions around prioritization.
How well does each patent describe the technology it’s meant to protect? What patents are semantically similar? The answers to these questions and others like them allow for patent portfolio analysis and decision making around:
- Renewal and abandonment
- Licensing and selling
- Other monetization opportunities
- Gaps within a portfolio
- Litigation and infringement
- Mergers and acquisitions
A quantitative approach helps communicate patent portfolio evaluation decisions with the C-suite. IP.com uses a proprietary scoring system that rates patents on a scale of 0 to 1,000 as part of its Patent Vitality and Portfolio Intelligence Reports. These fast and unbiased results tell a story that clearly identifies which patents and collections of patents have potential and should be prioritized.
It’s also possible to insource some of this process with InnovationQ+™, using custom charts to visualize collections of patents.