Acquiring patents can be a great way to grow your business and take advantage of different market opportunities, but just grabbing up random IP isn’t usually the way to go. You should think carefully about your strategy and make it a priority to acquire patents that can be integrated into your existing portfolio without a lot of extra time or money investment. If you’re not sure how to approach this process, a California jewelry design patent lawyer from our firm may be able to help.

What’s the Best Way to Grow an Existing Portfolio?

First, you should know that just growing your collection of patents and intellectual property is something that should be carefully considered. You should not just buy up any IP that catches your eye. You might find that making proper use of your acquired patents is more difficult than expected or that what you have acquired does not really gel with what’s already in your existing portfolio.

This is why you need to set goals, assess risks, and take your time to identify real opportunities. Don’t chase fads or panic buy something because you think a competitor might beat you to it. Focus on IP that can help you expand into new markets or make your existing product lines even more formidable. This will help you avoid wasted time and maximize your investment.

How Can I Identify Patents That Should Be Added to My Existing Portfolio?

When you are actually looking at patents to acquire, you should think about how they can help your company. Important considerations include:

  • How a patent aligns with your strategic objective
  • How a patent can complement your existing intellectual property
  • If the market is going in a direction that could make this patent valuable to you

It’s also important to to figure out how you could acquire this patent. Can you buy it outright or would you have to license it for a fee? Would merging with or acquiring a company that holds a patent be worthwhile? All of this needs to be carefully considered.

Do I Need a Lawyer to Purchase More Patents?

We don’t recommend trying to buy up a bunch of patents on your own, no matter how well you know your industry. If you want to add some valuable intellectual property to your existing portfolio, you’re going to need to do some negotiating. You want any agreement you make to be clear and enforceable, and you don’t want anything left out. An experienced patent lawyer can help you with that.

How Can Acquired Patents Be Neatly Integrated Into My Existing Portfolio?

Once you have acquired the patents, making sure that they are properly integrated into your existing portfolio can take some work. You need to figure out how this new IP can fit in with your other assets and think about what kind of potential your new acquisitions could have. Doing your due diligence before every deal is a necessity, and you’ll find that if you are acquiring the right kinds of patents integration with your existing portfolio will continue to get easier.

Talk to a Patent Lawyer

If you are trying to expand your existing portfolio with more patents and intellectual property, don’t go into these deals alone. Contact Burns Patent Law and meet with an attorney who can help you meet your goals. Schedule your consultation today.