A Fortune 500 medical device company in the process of changing its innovation culture hired new intellectual property (IP) management to restructure the IP law group.
Ocean Tomo was retained to assist the company in redefining its IP strategy. Ocean Tomo provided strategic consulting focused on an: Assessment of its current IP management practices; Inventory of its IP holdings; Alignment of its products to its patents; Analysis of its competitors across multiple product segments, with periodic updates of those competitors’ activities.
Ocean Tomo encouraged increased internal patenting efforts through engineer training, jump-start disclosure sessions, and by developing an innovation reward program. Particular emphasis was placed on patenting in key long-term business lines. Further, Ocean Tomo identified mismatches in the client’s patent portfolio where the patents did not appear to be in line with their business objectives. Since these patents did not appear to contribute to their bottom line and forward looking strategic vision, Ocean Tomo recommended selling these assets not essential to particular businesses.