An organization’s patent portfolio is vital for its future success along its various intellectual property assets as designs, trademarks, and copyrights. Thus, organization should ensure the maximum realization of its existing portfolio which can be done through effective portfolio management. Also, the organization should understand the patent portfolio in tandem with its competencies and market opportunities available

A company should be proactive in implementing IP solutions to identify  innovations and increase revenues. A well-defined IP goal can result in achieving business objectives and help position the business as a leader in the marketplace. With growth in business revenues, the IP strategy can include protecting the unique aspects of the assets and foster innovations to explore new geographies. This can be achieved through licensing or joint ventures to create novel solutions that satisfy the unmet needs in the market.