IP Benchmarking: How Well Do You Know Your IP Portfolio?
IP benchmarking gives you a detailed understanding of the strengths, weaknesses, competitive positioning, and risks related to your patent portfolio. It can help you identify areas vulnerable to competition as well as competitive advantage. IP benchmarking should be conducted periodically (e.g. annually) to guarantee that the IP strategy is in line with the business strategy. Subject matter experts, senior management, and IP professionals should participate in this exercise. The figure given below demonstrates the process for IP benchmarking: Additionally, IP benchmarking activities can be categorized into 2 types: externally focused benchmarking and internally focused benchmarking. 1. Internally focused IP benchmarking This kind of benchmarking assesses the level of protection given by your IP portfolio. Map your patents against your current technologies and products to ascertain if their unique characteristics are adequately protect...