Most R&D and marketing teams lack complete knowledge of the scope of their own company’s patent / innovation portfolio. This leads to inefficiencies and lost opportunities in following ways:
- R&D expertise resides within the company but others who need it are unaware
- Company already has solved a problem but others are trying to re-invent a solution
- Marketing teams are unaware of the scope or status of patents covering their key products
- Multiple iterations of communications between R&D/Marketing/IP puts a strain on already stretched resources