A good IP service company can significantly reduce the administrative and financial pressure on a company. However, with many companies offering renewals services, what should a corporate look for when seeking to partner with a renewals provider?
Here are three important factors to consider before choosing your IP renewals provider:
- When to abandon vs when to renew
Millions are wasted by companies renewing IP that is not used effectively. Identifying which patents are most valuable and which can be abandoned is an essential part of portfolio management and cost control.
Good renewals partners should be able to assist with a corporate’s decision making by offering the support services e.g.Search, needed by their legal team to advise on the strength of patents in line with a competitor’s IP and emerging market trends. This is a powerful way to prevent abandoning valuable patents and any lost opportunities to monetise IP.
- Ensure IP is aligned with your business strategy
As a business asset, IP plays a significant role in influencing business decisions and shaping business strategy. To generate intelligence from an IP portfolio, your renewals provider should be able to deliver insightful data at crucial points in the patent process. By providing the tools to allow a corporate legal team to intelligently measure the value of portfolios, and influence patent renewals, the best renewals partners will be able to help you ensure your IP portfolio is closely aligned with business strategy.
- Risk free renewals
Your IP is a critical company asset. Many companies are concerned about what could go wrong if they partner with a company that fails to renew at the correct time.
When selecting a renewals provider, companies should ensure that a company has deployed the most rigorous processes to ensure nothing goes wrong. Does the company meet recognised international standards to support its processes (such as ISO 9001)? Has it got a long track record of working in renewals? Who are its customers? Who else trusts the company?
It is also worth focussing on what would happen in the event of a lost patent: who would pick up the cost of an error? What responsibility will the renewals partner take on? Do they have the financial strength to support this?
Make sure your provider has the highest level of professional insurance cover in the IP industry and is financially secure in the extremely unlikely event something goes wrong.
Safeguard your valuable IP portfolios with CPA Global
Thousands of organisations around the world trust renewals to CPA Global’s management, resulting in more than 1.6 million annual renewal payments. Nobody else handles as many renewals or has more experience in safeguarding these valuable IP portfolios.
Protecting and maximising your valuable assets is critical to your success. Trust this to a company that is proven, tried and tested. Find out more.