Today, patent litigation is a gigantic business as well as one of the most challenging areas for companies to navigate. And with litigation costs now reaching the millions, understanding the potential outcome of a case can save companies significant amounts of money.
One company, Innography, a patent analytics software provider, gives its clients better intellectual property (IP) answers for improved business results. Founded in 2007, Innography’s software suite combines unique correlation and visualization technologies to enable users to quickly gain insights for managing, extending and exploiting their patent portfolios.
So, Innography has developed a proprietary PatentStrength algorithm to predict which patents will be involved in future litigation, which takes the guessing out of risk management. PatentStrength has reduced the margin for error by 75 percent so companies can focus on the real threats both in the short and long term. This results in large savings in damages, attorney fees and licensing fees. “With foresight, companies can be more proactive to set up defensive strategies, avoiding litigation altogether,” he said.
These days, patents are valuable business assets in any company as patents provide a temporary monopoly to exclude others from selling a product in the market. According to Stading, for a business, this helps to protect market share and profit margin as they create competitive barriers that help protect brands and a product’s future. But, because this is so valuable, patents should also be considered a financial asset, no different than a stock or a bond; they can be traded, licensed or leveraged for direct financial gain.