With Globalization and knowledge led economy, we are in a new world of Intellectual Property. Companies need to cultivate new proactive attitude towards IP by looking at IP as a business itself by taking advantage of companies trademarks, patents and other intellectual Property. Businesses not only have to understand their own innovation but also need to understand what is available (which is becoming more and more complex with increasing number of Patents filed every year across the globe). To survive and flourish in this highly competitive environment Business need to develop a comprehensive "Innovation Strategy" based on following principles:
1. Pre-Development stage: Check the IP landscape - existing Patents (claims) - provisional, pending and granted; Products, common knowledge
- use existing knowledge and not reinvent the wheel
- avoid infringement
- license something and improve time to market and still hold monopolistic rights (Patents)
- Fit Patent Portfolio
- oppose/opposition/reexamination procedures
2. Development stage: Watch what competitors are doing?
- use existing knowledge as much as possible
- Explore areas to broaden/potential for numerous patentable inventions
3. Later-Development stage:
- File one vs multiple patents?
- Patent portfolio - defensive vs offensive patents
- Claims broad or narrow
- Product/process/machine patents
- countries and type of Patent - Process vs Product vs trade secret
4. Post Development stage:
- Patent Watch/Insurance
- Licensing/Technology transfer/Valuations
- Divisional patent or Continuation Patents
- Geographic licensing
- Trademarks
- Countries to consider for Patents
- generate strategies to answer opponents
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