For rapidly growing innovative companies, intellectual assets (patents, trademarks, copyrights and trade secrets) are the ultimate source of competitive advantage. These assets usually underpin the company’s valuation and must be managed carefully. The person responsible for managing the IP portfolio must orchestrate and coordinate activities of inventors, outside counsel, in-house IP operations staff and external service providers. At MaxVal, we see our clients’ IP managers struggle with juggling docketing systems, spreadsheets and patent workflow management in general. As the number of patent applications and foreign filings grow, keeping track and being able to report on status becomes a significant problem.
Intellectual Asset Management systems are available. But, the current generation of products are expensive, difficult to implement and manage and costly to manage over time. For very large organizations, these systems may be cost effective – but what about smaller companies who can’t afford the implementation and maintenance costs?
At MaxVal, we have been developing products to help companies manage their IP for several years. These include:
- Max-IM for Invention Disclosure Management
- Max-IDS for reference management and IDS generation
- Max-PAIR for keeping up with pending patent application status in your private PAIR account
- Max-PPM for portfolio management and reporting
- Annuity Payer for estimating renewal costs, making payments directly and as an affordable annuity payment managed service
While these MaxVal tools solve specific problems, they do not meet the needs of growing innovative companies who want to get better visibility into all of their intellectual assets. Many of the companies who need this control and visibility are not large and are not well matched to large and expensive IAM systems.
What is needed is an end to end Intellectual Asset Lifecycle Management solution that delivers good value to companies of all sizes. Everyone involved in your company’s IP would benefit from the lifecycle management tool, including your outside counsel.
Please stay tuned to MaxVal’s All Things Patents blog for more news on this topic. Some exciting announcements are coming soon.
– Bommi Bommannan, PhD, JD