Although spreadsheets are convenient for monitoring a company’s finances or creating a mailing list, you may want to switch to something more efficient when it comes to managing a large patent portfolio. Even Microsoft has stated that using Excel as a general purpose business management tool isn’t a good idea. Multi-user access is challenging, the smallest input error can have massive consequences, it’s difficult to control access to data and integrating Excel with other applications can be a nightmare.
Intangible assets, such as patents, are essential to a company’s financial performance and CFOs are increasingly giving patents more importance on a company’s balance sheet.
Abandoning patents is necessary for companies that manage large portfolios, with thousands of patents. Some patents aren’t valuable anymore, yet remain hidden in a large portfolio, adding to your yearly renewal fees. According to Manny Schecter, Chief Patent Officer at IBM, abandonments can contribute to, rather than jeopardise the pursuit of high quality in the patent system. Research also suggests that companies with the largest portfolios, like IBM, abandon the most patents.
Most businesses underestimate what they can claim from innovation incentives. According to the Telegraph, 40% of active companies in the UK generate some form of innovation, yet most business owners have no idea that they qualify for R&D tax credits.
At PatSnap, everything we do is aimed at enabling the innovators of the world to conduct better, faster research, and improve the R&D process from ideation to commercialisation. In order to achieve that, we’ve pulled together some of the brightest minds in technology to create the platform and underlying algorithms that extract and analyse the most important and relevant information from the innovation landscape, and translate it into business intelligence.
The Stage-Gate process can be defined as a framework where large innovation programmes are divided into phases (stage). Each phase is preceded by a review session (gate), where ideas are assessed and deemed worthy of further development or not.
Research by CEB reveals that the top priority of R&D leaders is to beat competitors to market with big innovations—but 90% of them also believe their pipelines are slow at turning ideas into successful products. According to the same research, R&D managers report that one third of their projects are behind schedule. Enhancing the innovation cycle is not just about speed to market, it’s also about ensuring your product is profitable so that R&D resources aren’t wasted.
During 2016, over 2 million suspected infringing counterfeit goods were detained by border force. IP crime not only impacts the UK economy but also undermines legitimate businesses who work hard to innovate.