To develop and execute a successful corporate strategy in today’s technology-centric economy, it’s vital to understand the technological environment around you. Patents contain a wealth of information that, when properly mined and analyzed, can provide valuable insights into untapped business opportunities as well as competitors’ strengths, weaknesses, and strategies.
Intellectual Property (IP) is an important and valuable asset that should play a key role in corporate strategy development. If you fail to perform thorough patent analyses and due diligence before embarking on a new corporate strategy and new product development you do so at your own risk. Traditional methods for evaluating IP are slow, expensive, and provide no business context.
“The essence of formulating competitive strategy is relating a company to its environment”