Numerous critics have highlighted the frivolous nature and caustic tone that has, at times, been associated with the smartphone patent wars in recent months. But amid this contentious litigation between multinational corporations, smaller firms have gleaned valuable lessons on how to monetize their own intellectual property portfolios.

According to Nevada Business Magazine, the smartphone patent wars have revealed a wide range of both modest and potentially transformative advantages that can be gained from a proactive patent strategy. With companies like Samsung now willing to pay upwards of $1 billion to purchase exclusively intellectual assets, smaller firms can't help but take notice.

What's more, the collective surge of IP transactions has provided important measuring sticks a company may use to assess the value of its portfolio or the depth of market demand for certain asset categories.

But, as experts insist, successful IP management strategies demand both offensive and defensive components. According to Design News, comprehensive patent searches are becoming all the more important in an era when prior art seems to be the factor on which a growing number of litigation disputes hinge.