At the recent 27th Annual All Hands Meeting organized by the Silicon Valley Association of General Counsel (SVAGC), intellectual property matters were forefront, and particularly IP strategy, litigation and portfolio management.
Two weeks ago, in Part I of this post, we covered some Cloud Computing 101 and started to discuss how switching to the cloud increases business agility and cost efficiency, thus creating positive ROI. We also busted some popular myths about data security and availability in the Cloud. Now, let's dive a bit deeper into the benefits, specifically for corporate IP/Legal departments.
Creating and maintaining a high-value IP portfolio is expensive and time-consuming. Most companies have outsourced IP prosecution work to law firms, with the in-house IP team focusing mainly on managing the portfolio. In a surprising number of organizations, an Excel spreadsheet is still the tool of choice to accomplish this task. We would not put in doubt that Excel is a flexible and useful piece of software, but it has a few fundamental limitations that make it largely inadequate as an IP management tool.
The August issue of Havard Business Review takes an excellent look at corporate legal strategy, and what should be outsourced versus managed in house in their piece "Points of Law: Unbundling Corporate Legal Services to Unlock Value". In it, they confirmed one of the core beliefs that drives IPfolio's software innovation: that it's crucial for intellectual property strategy to be properly managed and easily accessible in-house, no matter what the size of your organization is.