What does "patent portfolio management" involve?

Patent portfolio management involves strategically managing a collection of patents. This process is crucial for companies and innovators to maximize the value and effectiveness of their intellectual property. It encompasses activities such as assessing the quality and relevance of patents, aligning them with business goals, determining which patents to maintain or abandon, licensing opportunities, and mitigating risks related to infringement.

By strategically coordinating how patents are used, businesses can protect innovations, prevent competitors from encroaching on their market, and leverage their intellectual property for revenue generation, such as through licensing agreements. This holistic approach ensures that the patent portfolio supports the broader objectives of the organization rather than merely accumulating patents without a clear strategy, which would not yield the same level of business benefit.