There are many potential ways to expand your business, but one method that you shouldn’t overlook is the acquisition of IP like patents. Strategically acquiring patents can help you grow in your industry and ward off competitors, but we understand that this process can seem a bit intimidating if you have never tried it before. That is why we suggest talking to a California jewelry design patent lawyer from our firm before you take the plunge and start buying up patents.

What Should a Business Consider Before Acquiring Patents?

Before acquiring patents, you should have a clear goal in mind. Your business might have the intention of:

  • Pre-empting a threat from a competitor
  • Expanding your presence in a current market and enhancing your product lineup
  • Getting into brand new markets

You should look at your intellectual property portfolio and see what you already have. How can your current patents help you achieve your goals? Where are there gaps that need to be filled? You can even look at what your competitors are up to.

By setting clear objectives, you can keep an eye on your patent acquisition strategy and how it performs over time. You can adjust your approach as needed and evaluate exactly how acquired patents are helping your business grow.

How Can Acquiring Patents Protect a Company From Lawsuits?

Purchasing the right to use certain patents can also protect you and your company. If you can acquire something before a rival company does, that can prevent certain lawsuits. It can also sometimes be beneficial to acquire a patent while you are involved in a lawsuit just so that your rival does not acquire it and strengthen its case.

What Do Negotiations Look Like When Acquiring Patents?

The negotiation process for acquiring patents can be quite complex. You should be clear about terms and open to forming long-term partnerships and agreements. Making sure that all contracts are clear and enforceable is a necessity, especially around issues like licensing terms, exclusivity agreements, and royalty rates. You do not want to get tied up in lawsuits because the terms of a deal were not clear.

Do I Need an Attorney?

It’s always a good idea to have an attorney who has intellectual property experience when you are acquiring patents. You should have your lawyer look over any deals carefully and make sure that you know exactly what you are getting out of a transaction. You do not want to inadvertently enter into a bad deal just because you are excited to expand your IP portfolio.

Contact Our Patent Lawyers

So if you are thinking about acquiring patents in a bid to grow your business, contact Burns Patent Law. We can tell you more about how our experienced intellectual property lawyers can be of assistance.