- Study your business environment
It is always advisable to know your business environment it not only helps you to have a competing edge over your competitors but also helps you in capitalizing on your strengths and the opportunities identifies patent cross-licensing opportunities and protect your creation from potential litigation. One should have specialized services appointed in order to track and to know when and for what one should file for a patent, it not only helps in saving time but also provides us efficient assistance in performing the patent filing procedures it saves both your time and money and provides a competing edge over the competitors.
- Identify similar plans and form mutually beneficial partnerships
Forming a partnership not only strengthens you financially but also brings with itself a brand name. It can even strengthen the product or give it a whole new dimension to improving the products in various ways. Samsung and Cisco have filed a cross-licensing patent. Both the companies gets the privilege to access each other’s patent portfolio including a wide range of products and technologies. These mergers often help in serving the consumers more efficiently. These initiatives also minimize patent disputes and help in boosting innovations.
- Giving importance to research and development
An R&D department is one of the most important departments of any organization it is the department which is responsible for creating new technology, investing in R&D brings about innovation and provides a competing edge over the competitors, it is a competing environment and one needs to adapt himself according to the changing needs of the customers. Every organization is understanding its usage, Microsoft has also increased its funding towards R&D from $9 billion to $10 billion. It helps in creating the strongest patent possible.
- Use Uniform Prosecution and Licensing Procedures
Standardized procedures for patent prosecution and licensing can save both time and money, especially for companies dealing with thousands of patents and scores of royalty deals. “Having uniform intake forms tremendously expedites the process — you don’t have to sit down with the inventors and ask when they started working, when the product was sold and when it was used. Clients can be helped to create and implement forms and then train their employees — that can all save a client a ton of money going forward in patent prosecution. Standardized forms are also handy when it comes to licensing, Landis said.
- Industrial Application
The industrial application here simply means that the invention should be such that it finds use in an existing firm or an upcoming one it should have useful application towards maximizing profits and increasing efficiency of an industry. It is very important to first analyze the need of an industry and at the same time to develop a product which finds its way in order to fit into the industry.