How Can an Intellectual Property Budget Be Accurately Estimated?
Intellectual Property is the undisputed buzzword in the business world. From being a luxury to a necessity, the manner in which companies view Intellectual Property has witnessed a revolutionary reversal over the last four decades.
However, given the complexities and the uncertainties involved, developing an Intellectual Property strategy for a given budget or estimating a budget for a given Intellectual Property strategy can be a notoriously hard task that is bound to give sleepless nights even to the most seasoned of professionals.
There are four main considerations in budgeting for Intellectual Property: official fees, attorney charges, translation costs, and ‘In-House’ fees. These, in turn, are spread across the different stages of the Intellectual Property lifecycle: filing, examination, prosecution, grant, and annuities.
Traditional methods of estimating an Intellectual Property budget, which include the “guesstimate” approach and forging partnerships with law firms to offer their services at a capped-fee structure, can result in a high variance of 10% to 20% between the budgeted spend and the actual spend.
Thus, state-of-the-art tools that provide accurate worldwide Intellectual Property costs are the need of the hour. This is precisely where Quantify IP fits in. The company’s suite of unique and proprietary software programs has been powering corporations to successfully manage their Intellectual Property budgets. As a result, in-house counsels no longer need to fret about providing a ballpark budget figure to the Chief Financial Officer. The figure can be generated instantly at the click of a mouse. It’s as easy as that!
