--- title: 8 Considerations for Developing a Patent Strategy description: A patent strategy provides scope for what the patent looks like now and in the future. What things should you consider while developing a patent strategy? image: http://www.innovation-asset.com/hubfs/iStock_000083591155_Small.jpg --- # [![Innovation Asset Group](https://www.innovation-asset.com/hubfs/Image/Decipher-Logo.png)](https://www.innovation-asset.com/) - [Decipher®](https://www.innovation-asset.com/products-decipher) - [Services](https://www.innovation-asset.com/products/professional-services-0) - [Resources](https://www.innovation-asset.com/resources) - [Blog](https://www.innovation-asset.com/blog) - [About Us](https://www.innovation-asset.com/about) - [Contact Us](https://www.innovation-asset.com/contact) # Innovation Asset Blog # 8 Considerations for Developing a Patent Strategy by [Millie Beetham](https://www.innovation-asset.com/blog/author/millie-beetham) Creating a strategy for your organization’s intellectual property can be critical for both emerging and mature companies alike. Above all else, a patent strategy can create scope for an organization. Similar to what a business plan provides for the company as a whole, a patent strategy provides a “bigger picture” view for what the patent looks like now and perhaps more importantly, what it will look like in the future. This view enables the organization to leverage the patent continuously and create sustainable competitive advantage. Additionally, for emerging companies, a well-thought out patent strategy can be a signal of commitment to investors or stakeholders. ![iStock_000083591155_Small.jpg](http://www.innovation-asset.com/hs-fs/hubfs/iStock_000083591155_Small.jpg?width=320&name=iStock_000083591155_Small.jpg "iStock_000083591155_Small.jpg")Developing a patent strategy is in many ways similar to a business plan, not just in terms of its intent (as mentioned above) but also in terms of development. You’ll want to explore external and internal considerations like monetization, the competitive landscape, and other familiar components. Just keep in mind that a patent strategy should focus more granularly on your organization’s patent portfolio, instead of the business as a whole. So what things should be taken into consideration while developing your patent strategy? ### Internal Considerations **Setting goals** Like any asset, it’s important to be explicit about what you’re trying to accomplish with your patents. For each patent your organization owns, set short, mid, and long term goals to help frame its lifespan and drive your organization’s activity.  **Planning for monetization** It’s not enough to say you plan to monetize a patent; while developing a patent strategy, get specific about monetization. What are the costs associated with monetization? When will you recoup those costs and how? The more specific you can get in this area, the more you can be prepared. **Determining patent ownership** As you begin to think about your organization’s patent strategy growth, you will need to determine what types of patents you need to develop in-house, what patents you can buy, or what you can license from a partner. Weigh the costs associated with each option against the value they bring to the organization. **Playing the patent field** Like most strategies, you need to consider both offensive and defensive plays when developing a patent strategy. As you acquire or develop patents, evaluate whether this is something that your organization is purely using to add value to core offerings or if its main function is to hamper competition. **Evaluating past experiences** In organizations with multiple patents in their portfolio, keep track of what has worked well and not-so-well, so you can use this knowledge in the future. Even for emerging companies working with their very first patent, explore case studies and online articles to try to mine this type of knowledge. **Maintaining performance** Every process in an organization should have performance checks built in, and a patent strategy is no different. Periodically review your patent portfolio to determine where your organization is seeing the most value and where might be improperly balanced.  ### External Considerations **Understanding patent law** Patent law has some intricacies, especially for first-time patent owners. However, understanding patent law can help you build a patent strategy with specific considerations like application dates or global patent concerns. Just make sure you can recognize when in the process you may need [help from a patent attorney](https://www.innovation-asset.com/blog/should-you-file-for-patents-yourself-or-use-an-ip-law-firm). **Assessing industry patents** Having a grasp of what patents already exist in your industry is key to the success of your patent. It will allow you to evaluate: **Developing a patent strategy is an ongoing process for mature and emerging companies. For mature companies, evaluating how intellectual property can work together to add value, is key for sustaining competitive advantage. For emerging companies, a patent strategy can help create a roadmap for a new offering and offer insight into how to beat competitors to the market. For more information on how emerging companies can leverage intellectual property, access the [eBook: 4 Ways Emerging Companies Can Leverage IP for Success](https://www.innovation-asset.com/download-the-ebook-four-ways-emerging-companies-can-leverage-ip).** **[![Download the eBook: 4 Ways to Leverage IP for Business Success](https://hubspot-no-cache-na2-prod.s3.amazonaws.com/cta/default/540018/75cd11b8-28d1-4e17-b25e-278218ccea90.png)](https://hubspot-cta-redirect-na2-prod.s3.amazonaws.com/cta/redirect/540018/75cd11b8-28d1-4e17-b25e-278218ccea90)** ![Millie Beetham](https://www.innovation-asset.com/hubfs/Screen_Shot_2015-01-14_at_4.59.31_PM.png) ### [Millie Beetham](https://www.innovation-asset.com/blog/author/millie-beetham) [February 04, 2016](https://www.innovation-asset.com/blog/8-considerations-for-developing-a-patent-strategy) ### Subscribe to Email Updates ### Introducing Decipher® ### Categories - [Intellectual Property Management (459)](https://www.innovation-asset.com/blog/topic/intellectual-property-management) - [Commercialization and Licensing (210)](https://www.innovation-asset.com/blog/topic/commercialization-and-licensing) - [Invention Disclosure (201)](https://www.innovation-asset.com/blog/topic/invention-disclosure) - [Innovation Strategy (20)](https://www.innovation-asset.com/blog/topic/innovation-strategy) - [Ideas for Good (6)](https://www.innovation-asset.com/blog/topic/ideas-for-good) - [Innovation Team (3)](https://www.innovation-asset.com/blog/topic/innovation-team) ### News Archives - [January 2013 (26)](https://www.innovation-asset.com/blog/archive/2013/01) - [September 2012 (25)](https://www.innovation-asset.com/blog/archive/2012/09) - [October 2012 (22)](https://www.innovation-asset.com/blog/archive/2012/10) - [November 2012 (22)](https://www.innovation-asset.com/blog/archive/2012/11) - [November 2010 (21)](https://www.innovation-asset.com/blog/archive/2010/11) - [February 2011 (21)](https://www.innovation-asset.com/blog/archive/2011/02) - [July 2012 (21)](https://www.innovation-asset.com/blog/archive/2012/07) - [December 2012 (21)](https://www.innovation-asset.com/blog/archive/2012/12) - [January 2012 (20)](https://www.innovation-asset.com/blog/archive/2012/01) - [March 2012 (20)](https://www.innovation-asset.com/blog/archive/2012/03) ##### Portland, Oregon USA ##### © Innovation Asset Group, Inc. ##### [Privacy Policy](https://www.innovation-asset.com/privacy-policy/) | [Terms & Conditions](https://www.innovation-asset.com/terms-and-conditions/) | [Contact Us](https://www.innovation-asset.com/contact/) - - ![](https://www.conversionruler.com/bin/tracker.php?siteid=7009&nojs=1)