As companies continue to face pressures to maintain (or revitalize) growth rates, a common tactic is to reassess their market focus and seek entry into new markets.  

Whether this growth is organic R&D (build), open innovation (build and buy), or acquisition, including the business perspective of patents and IP rights provides an important strategic lens. The value of this lens is greatest when incorporated early into the process to help guide understandings of a market's dynamics.

First, let's outline the traditional role of IP in the acquisition process of many multi-billion dollar companies: (we will discuss other processes separately)

• We are looking at buying firm X to help establish our next high growth market
• They are a market leader with key customers and strong cash flow
• Does the firm have IP? (Yes, great, let's verify that the fees were paid -- maybe we can get our attorneys to help us review the patents at the last minute too)

Patent risk profiles of corporations have dramatically shifted given two recent patent litigation dynamics:

1. The rise of patent trolls or NPE's (non-practicing entities)
2. The decline of patent infringement 'notice' letters replaced by direct filing of patent complaints 

The first dynamic is economic and includes a range of strategic and financial investors, including for example the well-known Intellectual Ventures, and others such as Juridica and Altititude Capital. These investors and an increasing number of firms see opportunities in the exclusionary rights provided by patents to obtain high-risk / high-reward economic returns.

The second dynamic is legal - driven by court decisions that incent patent plaintiffs to file first and negotiate second (the reverse of historical tendencies).