2020s Strategic Patent Portfolio Management - Challenges and Opportunities of a new Decade in a Traditional Product Producing Company

Abstract

In the early twenties, traditional product producing companies face rapidly transforming business environments with ongoing technology shifts, converging industries and increased global competition. This changing world puts increasing demands on patent portfolio management as a proactive business tool. A close incorporation of patent portfolio strategies into the overarching business strategy increases the impact on the business success. Herein, different frameworks for analysis, development and execution of a patent portfolio strategy are discussed, addressing specific business situations. A process is proposed, to set patent strategy based on carefully selected Patent Focus Areas (PFAs) with relevance for the business strategy. Thereby, a common language between business and patents, on strategic and operational levels, is pointed out as a key factor for strategic alignment and success. The authors discuss the challenges and opportunities of modern patent portfolio management and strategy in traditional product producing companies. Thereby they give insights in how to transform traditional reactive invention-driven portfolio strategies towards proactive customer benefit focused portfolio strategies.