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A patent portfolio is a collection of patents owned by a single entity, such as an individual or corporation. The patents may be related or unrelated. Patent applications may also be regarded as included in a patent portfolio. The monetary benefits of a patent portfolio include a market monopoly position for the portfolio holder and revenue from licensing the intellectual property. Non-monetary benefits include strategic advantages like first-mover advantages and defense against rival portfolio holders. Constituting a patent portfolio may also be used to encourage investment.