Attorneys & Professionals
Attorneys from the Vorys patent team in collaboration with Active8 IP released a white paper today that discusses how to efficiently obtain quality patents that facilitate business goals with smarter patent spend management. The white paper, entitled A Calm Port in the Storm, outlines how companies can convert their data to easy-to-follow patenting guidelines that enable better process management. A PDF of the second white paper in the series can be downloaded here. In case you missed it, read the first white paper in this series here.
“Patents are the legal embodiment of a company’s most precious assets – its innovation,” said Carey Jordan, a partner in the Vorys Houston office and a co-author of the white papers. “In the midst of some of the world’s most remarkable technological advances, we are experiencing one of the most tumultuous global economies in several decades. In-house IP counsel are asked to protect these vital company innovations with ever-increasing pressures and ever-decreasing budgets.”
According to the white paper, although R&D spending and patent filings are increasing, IP budgets continue to be cut. Dwindling patent budgets require in-house counsel to do more with less, but to do it better than before in terms of acquiring high quality, monetizable assets. At the same time, companies are pressured to continue innovating and capturing those innovations with patents. Given the perceived expense of procuring and maintaining patent portfolios, companies often seek to minimize patenting costs while obtaining and maintaining high quality assets – a momentous task to be sure.
“Gone are the days of ‘at whatever cost necessary,’ and here to stay is ‘do more with less,’ but make it count,” said Sharon Shofner-Meyer, president of Active8 IP. “Companies can improve patent quality and minimize costs associated with managing such patent portfolios by approaching patenting with the business goal prioritization process outlined in this white paper. Doing so will be a paradigm shift for many companies.”
The authors of the white paper also discuss how to understand the difference between leveraging and monetizing patent assets; how to recognize the financial implications of patents; and how to effectively address patent budget waste to build quality, leverageable patent assets.
About Vorys: Vorys was established in 1909 and has grown to be one of the largest law firms in the United States with more than 375 attorneys in seven offices in Columbus, Cincinnati, Cleveland and Akron, Ohio; Washington, D.C.; Houston, Texas; and Pittsburgh, Pennsylvania. In 2017, Vorys launched PatentlyIntegrated®, a unique system designed to help companies efficiently obtain quality patent assets. The solution provided data-based, algorithmic, and technology solutions combined with personalized service to help clients save time and money while obtaining higher quality patents in-line with business objectives. Through a strategic partnership announced in August 2019, Vorys exclusively licensed the PatentlyIntegrated® program to Activ8 IP, Inc. The technology – which was originally derived from PatentlyIntegrated® – is identified as Activ8 IP’s Strategic Index throughout the white paper series.
About Activ8 IP: Activ8 IP was founded by IP professionals and attorneys who've worked on all sides of the industry - in law firms, corporate law departments, and with IP services providers. Active8 IP and its Advisors understand the challenges IP owners face. They leverage human expertise together with cutting edge technology and smart software to give IP owners the insights, data, tools, and advice to cut waste, trim excess holdings, maximize IP spend, and demonstrate the value of IP.