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.
This week brings yet another reason we're proud to be based in the Bay Area: proximity to great events such as this week's ICAP Patent Brokerage & Patent Litigation Symposium, and the ICAP Ocean Tomo Auction, taking in place at the Julia Morgan Ballroom in San Francisco on July 26th.
Amidst all the recent attention-grabbing headlines of Silicon Valley IPOs, there is some discussion as to whether we are experiencing an ‘IP Bubble’. It’s becoming as important as ever for SMEs and start-ups to have a clear IP strategy in place, one that is aligned with their organization’s unique business strategy and needs. For small start-ups the prospect of where to even start with an IP strategy can be a daunting task. It may seem easiest to leave this to law firms and other 3rd parties, but that is not always feasible right at the start, due to budgetary and other constraints. We’ve teamed up with Lily Li from IPCheckups, a Berkeley-based boutique patent strategy and analytics firm, to get some advice and provide some guidelines on things for start-ups to consider when they plan their IP strategy.