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To improve market share in target markets, increase profitability, and maximize company valuation, Patentry plans appropriate patent strategy and continues as ongoing outsourced program management. The objective is a portfolio of patents that encircle and protect the client's investment in developing a market. Benefits may be lowest cost of manufacture, clearly differentiated solutions from competitors, barriers to entry by follower commoditizing clone companies, with the return on investment in patents occurring in license revenue or improved margin by pricing according to demand rather than supply. The goals of a strategic patent program can be higher market share, greater profitability, and resulting stronger valuation for acquisition or financing.
Mr. Hwang integrates his business experience and education to guide clients in strategically using patents as a management tool to enhance profitability and valuation. Generally, in-house patent counsel are responsible for litigation management and outsource the prosecution of patents (drafting applications, responding to examiners, obtaining favorable administrative decisions) to Patent Agents/Attorneys. Few attorneys who prepare patent applications have extensive sales/marketing training or experience in venture funded startups. They seldom advise clients on which inventions to patent for maximum company valuation. It is too common to find that patents are expensive trophies placed on the wall unassociated with revenue plans. Patentry uses business judgment to identify potential assets that produce cash and protect investments in existing or planned business. The service includes seminars, training, audit and strategy, and prosecution of patents based on annual retainer.
Patentry is economical compared to the typical cost of preparing one patent per quarter. Senior management receives the result of an audit, regular progress reports, and a strategic IP plan of which patents should be prioritized to complement a business or revenue plan. A strategic IP plan eliminates costs and turns patents into cash generators.
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