Navigating the world of patent renewals as an IP owner
IP is a crucial part of an organization, however, defending and appropriating value from it can be very challenging.
A major chunk of the patent renewal cost goes into paying the official renewal fees to the patent offices around the world in which your patent may be filed. What is more, the official fees for renewing a patent accrue every year and increase annually by an average of 11%, making the renewal process ever so expensive.
This sounds like a lot of complexity, especially for most of the players out there whose legal expertise might not be their strong suit. In this case, you may have to turn to an experienced IP law firm or IP service provider to take this burden off your shoulders. However, most of the time, this process is not cost-effective because of the following 3 reasons:
- These firms are capitalizing greatly on the information asymmetry between you and them.
- Although they are responsible for your patent renewals, most of the time, these firms simply outsource the renewal process itself to other IP service providers.
- IP law firms potentially charge you with extra fees, which you might not be aware of.
But it should NOT be like this.
Nowadays, if you get to know the industry better and map out new services on the market, you will realize that digitalization has reached the IP sphere, and you will be able to find intuitive, easy-to-use, cost-efficient patent renewal services. You don't have to be a legal expert; these platforms will do everything for you in just a few clicks.
Now, you can have the freedom to do less, pay less, and have a digitized overview of your patents in one place where you can manage, automate, and forecast all of your patent renewal-related responsibilities. On average, our customers report less auditing compared to their previous setup and end up with an annual savings of up to 50%.
If you want to join the circle of the new era of patent renewals, please reach out to our experts.