Growing patent assets gradually is a lengthy process that requires contingent plans and vision. Organizations can create strong patent portfolios by becoming agile.
In this article at Forbes, Anthony Trippe suggests that to form a robust patent team, switch to scrum methodologies. It comprises multiple incremental transformations and rapid response to fluctuating market conditions.
Advantage of Scrum
The scrum methodology does not solely depend on internal resources. It also requires the involvement of third-party consultants and experienced experts to enable the patent portfolio. These patent brokers share valuable viewpoints with the scrum teams. With their experience and guidance, organizations can accomplish business goals. Here are the other advantages of patent brokers to keep in mind while you select them:
Build and Protect Products
The patent brokers buy and sell patents on behalf of the clients. Most of the technology firms have employees to evaluate new and internally developed inventions. Nonetheless, only a selected few have dedicated staff to acquire patents and advance their products. Patent marketplaces can fulfill current market needs. However, they are inefficient in offering you advice like a broker does to understand the worth of your patent assets.
Considering the present patent process, you might take over a decade to build a reasonably small patent portfolio organically. Amid the surging competition, very few organizations can afford the luxury to invest time in it. To remain ahead of the curve, start building your patent portfolio through acquisitions.
Agile Adoption of a Profit Center Stance
Preserving technology assets beyond their lifecycle may cost you big maintenance fees. Often organizations remain unaware of the fact that they could recover the development costs of their inventions. By using a patent broker to sell assets, you can make a good profit.
According to the Richardson Oliver Law Group, the average cost of a US patent is $280,000. The market for patent trading is worth $2 billion annually. So, you can also buy licenses from other business owners who are open to selling. It would save you the cost of innovation. Scrum teams make rapid decisions to pursue projects or abandon them. Click on the following link to read the original article: https://www.forbes.com/sites/anthonytrippe/2020/06/08/smart-companies-can-make-millions-by-applying-agile-approaches-to-patents/#588c4a691579