Intelligently Managing Company Patent Spend
In the midst of remarkable technological advances, we are simultaneously enduring one of the most tumultuous global economies seen in several decades.
April 01, 2018 at 04:00 AM
4 minute read
The world has seen a startling increase in new technology in the past couple of decades. Inventions that would have been considered science fiction 20 years ago have drastically changed the way we function in almost every aspect of our daily lives. The filing of new patents across the globe has also advanced to an unprecedented number. In 2016 the number of new patents filed worldwide increased by 7.8% over comparable figures in 2015, according to figures provided by the World Intellectual Property Organization.
Increasing Pressure on Patenting Budgets
In the midst of these remarkable technological advances, we are simultaneously enduring one of the most tumultuous global economies seen in several decades. Practically all industries have been adversely affected one way or another, which has required companies to take a closer look at how they spend money, and either make processes more efficient or initiate cost-saving cuts where appropriate.
At the same time, companies are pressured to continue to innovate. Georgetown Law's “2016 Report on the State of the Legal Market” reported that failure to innovate has caused many well-established companies to be blindsided by technological developments that oust them from their market leadership positions. Consequently, company IP leaders have been asked to protect innovations while simultaneously facing budget cuts that make their job difficult at best, and impossible at worst.
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