It is a matter of fact that yes – the continuous increase in the number of Intellectual Property (IP) applications across different jurisdictions results in the rising costs of Intellectual Property Protection for every other business out there, due to which, the concept of IP benchmarking has become all the more essential. Although every business must maintain a well-protected IP portfolio, it can indeed become a costly affair to maintain a mismanaged IP portfolio. As such, it is equally imperative for every asset to contribute well to the financial and strategic goals of a business.
The way businesses evaluate their position in the market with the help of benchmarking methods; IP benchmarking can be efficiently used to evaluate the profitability and effectiveness of assets in the IP portfolio. By using IP benchmarking, a business can understand the ROI generated on its assets and the business direction of the IP assets. Moreover, it shall also help a business to protect its core IP assets legally and cost-effectively.
There are two main types of costs associated with IP protection, namely, obtaining IP protection and maintaining IP protection. Although we will be only talking about the legal costs associated with IP protection as of now, it is essential to make a point of the fact that there are other costs as well, which are crucial for a business in IP protection, including product development and marketing. Apart from these, there are other legal processes, too, like conducting a Trademark Search, which may be required and are also chargeable.
There are undoubtedly many reasons to have a well-protected IP portfolio. By understanding the value of IP assets, you can have a positive financial impact on your business. With regular assessment and evaluation of the IP assets within different markets, businesses can compare their costs with those of their competitors and ensure not overpaying for IP protection. Furthermore, IP benchmarking can offer insights into the overall value of the IP assets, both individually and as a part of the IP portfolio. Consequently, businesses shall be able to reduce their IP application and maintenance costs and subsequently increase the ROI of their portfolio.
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