IP (Intellectual Property) portfolio management (IPM) has increased significantly in the business academic and legal sectors. IPM is the management of innovative ideas with procedures and processes that are required to turn the innovative ideas into valuable patent rights. This starts from the very place the innovative idea is birthed to the time the idea is released to the market as a product.

The key elements that help in the management of IP’s is—

• IP Data mining – This is where the innovative ideas are gathered.

• IP Database systems – After the innovative ideas have been gathered they need to be stored.

• IP Analysis – Through the use of state of the art soft ware tools and processes the gathered information is analyzed.

• IP Management will require proper, clear and effective communication across technical, business and legal teams of the organization. The effective management of the patent process gives the organization a competitive edge and enhances efficiency.