Minneapolis patent attorney Mark Stignani discusses the impact patent value management can have on cash flow.
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What sort of effect does value management have on cash flow? Basically, the budget given to an in-house counsel is fairly static throughout the year. If you can find ways not to spend more money you can take that money and move it forward into new development, new innovation. That’s the first thing.
The second thing is also don’t pay for things you shouldn’t pay for. So, in that case, we will help them identify patents that should be culled, identify actions in the patent office or countries that they’re filing in that probably they don’t need to file in. So we can save literally tens of thousands of dollars per action by doing that sort of assessment.