How do we implement a value-driven patent portfolio process?
Minneapolis patent attorney Steve Lundberg, founding shareholder of Schwegman Lundberg & Woessner explains how to implement a value-driven patent portfolio process.
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The question is how do you create a value-driven process? And the way you do that is you have to regularly review the value of these patents or patent applications process. And there are several – there’s many different ways that you can do that, but a simple way to do it, which seems to work pretty well for most companies, is to look and say, “This patent application that’s pending still has potential value to either me or competitors and has a significant amount of breadth so that it’s worth it for me to continue to prosecute that application,” to look at the patent and say, “Okay, the patent covers a product, so that’s definitely a keeper,” or to look and say, “It doesn’t do either of those things. It doesn’t cover a product and it doesn’t look like it’s going to cover some future product, either of mine or a competitor’s, at a level of protection that’s worth pursuing.” And if it doesn’t do either of those then it falls into the bucket of “let’s get rid of it and stop spending money on a dead horse.”