Patents are important tools for protecting a business from its competitors and carving out markets worldwide. Because patents are often a key feature in many business models, many businesses are involved not only in developing intellectual property through their innovations but also in actively securing protection of their intellectual property rights in domestic and foreign markets. However, filing for and maintaining domestic and international patent protection can be expensive and unpredictable, and it can be difficult to accurately budget and control patent costs, particularly for international patents. By reducing direct costs as well as internal management costs, businesses can increase the profitability of their patent assets while simultaneously controlling their budgets. This article discusses some basic, often cost-effective steps that businesses may consider to minimize costs when securing protection of their intellectual property in domestic and foreign markets. Once patents are procured, a major cost concern relates to dispute resolution and enforcement of the patent rights; that topic will not be addressed in this article.

Develop an intellectual property protection strategy that is appropriate for your business

Businesses are routinely faced with the tough decision of whether an innovation should be protected through patents, kept as a trade secret, or abandoned in domestic and foreign markets. Therefore, it is important for a business to develop a focused intellectual property protection strategy that is in alignment with the business’ strategic needs.