Patent Quality or Patent Quantity?
If you’re involved with your organization’s patent strategy, you’ve likely wrestled with the notion of patent quality vs. quantity. Your Board of Directors may expect both quality and quantity, and your budget may not support it. Your internal stakeholders will likely have differing opinions based on their role in the organization and the competitiveness of your market. You also need to make decisions on patenting internal ideas or buying existing patents as part of your strategy.
The question of patent quality vs. quantity is an important debate and one that needs to occur often as your market and the technology landscape changes. In fact, your long-term value as an organization may rely in part on the strategy you choose and how much attention you pay to the quality vs. quantity principals.
If only there were guidelines to follow to help with these decisions!
The book Patent Portfolios: Quality, Creation and Cost by Larry Goldstein provides guidelines and considerations to help you make thoughtful strategic decisions, and ten principles of building an excellent patent portfolio. This book is the final in a trilogy of books Mr. Goldstein has written focused on the topic of patent quality. As patent nerds, we've enjoyed them all.
Patent Portfolios contains a number of rich and detailed examples from both large and small companies that can be used to measure your organization vs. competitors and set strategy for future filings. Further examples illustrate how to decide if you should make vs. buy, a choice most organizations have to balance when creating a valuable portfolio.
By now, you might be wondering if you have a valuable portfolio or what the cost is to develop a valuable portfolio. Chapter three outlines several methodologies for budgeting for the execution of your strategy.
The book ends with a robust Q&A section, further references, and a glossary. The examples alone are invaluable and worth study.
Interested in more on patent quality vs. quantity? Let us know in the comments or ask us about PatentStrength and CustomStrength. Also, join us on March 18th at 11am CT when Mr. Goldstein will host a webinar covering the principles from his book as part of our Expert Series. Register here, and if you can't make it, we'll let you know when it is available on-demand.