Recently I found myself in the middle of a conversation that took me back to my many years of private patent practice. The conversation was with some company inventors who were struggling with leadership in their organization who don’t want to “bother with filing patents” because they don’t see themselves ever spending the money to legally enforce one.
As we talked, I explained to the inventors to go back to leadership and talk about the other reasons to consider filing for patent protection.
- Equity. PriceWaterhouseCoopers recently presented data to the World Intellectual Property Organization that upward of 70% of a company’s value is now associated with intangible property, i.e., intellectual property, which includes patents. This is a huge reversal from decades ago. So, if leadership wants to build greater company value, intellectual property needs to secured and increased.