Introduction: IP Prism is a tool that can help you manage and score your patent portfolio.
You’ve heard of IP pruning. However, you might be asking yourself, “How does a tool like IP Prism really help me?”
One of the most important things you can do to improve your profitability is to align it with your business priorities.
The question is, do you actually want to keep/purchase old patents? If yes, then it might be time to revisit your overall asset allocation.
What are the most important patents that you’re holding (pending)? Do they have business use or potential? How well aligned are those patents with your overall goals for the company?
What is IP Prism?
IP Prism is the most powerful and automated patent portfolio pruning tool that enables strategic portfolio pruning.
With IP Prism, you can get rid of your patents without ever having to hire a lawyer or spend time in court.
It’s simple — if a patent has been granted, it never expires. If it has expired, then you’re out of luck.
IpPrism automates the entire process of evaluating patents, going through all the necessary steps to choose the best ones that will benefit your business while avoiding those that will waste your resources or create more work for you in the future. It reduces the required time to prune a patent portfolio by over 98%.
The application is fast and easy to use — just select which patents you want to automatically remove from your portfolio, input your search parameters and start getting rid of old technology that no longer serves you well.
How does IP Prism work?
IP Prism isn’t a company. It is a patent management system (PMS) that automates the process of managing patent portfolios. You can read about it here.
If you’re interested in learning more about IP Prism, visit their website here.
What are the benefits of using IP Prism?
IP Prism is a smart patent assessment solution that helps you manage your patent portfolio effectively. It works by identifying patents that are expiring and those that already have expired. In addition to assisting you with strategic pruning of your portfolio by assisting you in shifting resources from high risk to low risk patents.
It aims to deliver a complete solution for patent management, not just for individual companies or industries. In the discussion below, I want to focus on how IP Prism’s scoring engine works and what it does, rather than just the summary of its strengths, which are very compelling.
A few things need clarification before proceeding further:
1. I will be using the term “patent portfolio” broadly here as something that includes all intellectual property that is owned by an organization like a company or a university or a government agency, as well as any material assets like research grants.
2. There are two types of patents: “patent applications” and “patent claims” (or “patent claims over existing inventions”). Patents can be earned in one of two ways:. Through filing for a patent application or through obtaining a patent from an issuing authority (such as the USPTO). The latter mode is referred to as “strategic pruning” (which I will also refer to simply as “pruning”). The former mode is referred to as “static pruning” or “static assessment” (AFAIK this is not really correct because what we are doing with IP Prism is not static at all).
3. The term “strategic pruning” was coined by the inventor himself and it appears in his paper titled “Evaluating Strategic Pruning” (PDF). But it has been somewhat misused here since IP Prism’s team isn’t talking about static assessment anymore. But rather strategic pruning (albeit with less-opaque details than static pruning). My comments on this subject came mostly from my own observations and experiences rather than research done by other people.
4. As far as I know, no one else has looked into how IP Prism handles strategic pruning in detail. So I will assume they do it differently than they did before me that’s why the below paragraphs might be somewhat vague. They may have changed their minds while writing these paragraphs so that’s why I need some justification from them
How can IP Prism help you in your network of exchange?
How does IP Prism’s engine help you in your network of exchange?
IP Prism’s engine is a powerful one.
There are several options for software and hardware manufacturers to deliver software platform that integrates into their products and services.
The deployment of an AI-based scoring function can support strategic pruning. Which is essential to aligning a patent portfolio with current business priorities. Strategic pruning can be used to clear out patents that have been deemed unnecessary or irrelevant if desired. Although there are various ways in which this can be accomplished, IP Prism’s marketplace allows patent holders to easily capitalize on patents being shed from a portfolio, by just letting select patents expire early. This will spread the risk of unanticipated expenses or unexpected clashes among the different stakeholders involved in the development process. While enabling a much more efficient review process than would otherwise be possible without the use of IP Prism’s engine.
Conclusion: IP Prism is a valuable tool for managing your patent portfolio.
IP Prism is a non-profit organization that was founded in 2012. Its mission is to “create and support an open source ecosystem of patent poolsing software for the benefit of software developers and the public at large.”
The IP Prism technology is an AI-based scoring engine that takes into account a variety of factors when evaluating and determining. Which patents are most strategic (or strategically valuable) for a company’s portfolio.
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