While the COVID-19 pandemic has impacted every industry in different ways, the importance of protecting your company’s knowledge-based assets has remained a constant. Now is the time to revisit your patent strategy, identify the next steps, and secure a competitive advantage for your business.
Here are a few questions to help you prepare your patent portfolio for a post-pandemic world.
1. Does the federal budget enhance the value of your patent portfolio?
Budget 2021 aims to drive the federal government’s innovation agenda and recognizes the economic importance of intellectual property. Investments in a broad range of intellectual property assets can be immediately expensed, and the ability of financial institutions to lend against intellectual property and start-up assets has been improved. These developments offer many potential advantages for well-prepared innovators and entrepreneurs.
2. Do you have a comprehensive patent strategy in place?
If the answer is yes, consider how your strategy could be better aligned with how your business has evolved over the past year. If you have not reviewed your patent strategy for some time, or have not evaluated your knowledge-based assets to consider what innovations may merit patent protection, now is the time to do so. Since patent applications must typically be filed before there is public disclosure or commercial use of an invention, it is never too early to start thinking about these issues.
3. Are your internal systems set up to protect knowledge-based assets?
Your ideas are the foundation of your company’s competitive advantage. But without robust systems and policies to protect intellectual property, this advantage is in danger of being lost.
Does your company have proper protocols around securing confidential information and trade secrets? Are you making effective use of contracts like non-disclosure agreements and joint development agreements in your dealings with other companies?
Since the value of a patent can be lost if there is premature disclosure or if the ownership status of an invention is unclear, it is important to have sound policies in place and ensure that your interests are protected when you are working with other companies.
4. Interested in learning more about patent protection?
Oyen Wiggs’ Patent Primer offers a complimentary introduction to the patent process. Learn why you need a patent, how to apply for protection, and how the process works. Oyen Wiggs’ Patent Primer can help you understand your options and what further actions to consider.
If you wish to go beyond the information in the Patent Primer, Oyen Wiggs’ intellectual property lawyers can advise you on how to secure patent protection or other intellectual property protection for your intangible assets.