Minneapolis patent attorney Mark Stignani explains why it is helpful to repeat an audit of a competitor.
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Why would you repeat an audit for a competitor? Well, in many cases companies benchmark themselves against the people in their industry and their marketplace. This includes competitors and other players so that they feel that they’re either not over spending or under spending when it comes to registering the intellectual property. So why do we do this for competitors? Because then if you’ve got your product association done for yourself and you have a competing set of products and you can do a product association with – theoretically with their patent portfolio, then you have essentially an apples-to-apples comparison of what protection is relevant, what percentage of your product is covered, what percentage of their product is covered, and identifying any weaknesses or strengths in your portfolio that need to be addressed.