Intellectual properties help in the growth of a business if it has been managed properly. IP portfolio management is the process that helps a business to acquire intellectual properties and it also involves assessing the risks involved in the new and old intellectual properties. Further portfolio management helps is making use of the intellectual properties to the maximum extent and managing them. The proper use of intellectual properties depends upon the knowledge one has about the intellectual property laws and its relationship to the particular good or service. For example, the best time to file for a patent is immediately after an invention has been made and any delay would prove to be costly.
IP portfolio management includes time-to-time review of the intellectual properties for their renewal, acquisition or relinquishment. It is important to protect the intellectual properties as they are susceptible to be copied easily. Legal rights are provided for protection of the intellectual properties in India. For instance, a trademark is device used to denote a particular good produced or service rendered by a particular person and the registration of that trademark helps in protection against potential infringement and passing off. The Trademarks Act, 1999 gives a 10 year protection period after registration which can be extended later.
In the advent of new technologies, various software have been developed in order to manage intellectual properties efficiently. The software helps in keeping all the documents relating to intellectual properties at one place which can also give alerts in case of expiration or renewal of intellectual properties and makes IP portfolio management much easier.