While doing research and development, we very often found some suggestions, processes, and concepts which do not exist. As an inventor, you own the right to enjoy the many benefits of what we have invented and receiving a patent offers you the legal protection with the. Since the US patent law changed to first-to-file system from first-to-invent in 2013, which means you need to be extremely quick in IP application filing.
The patenting process is fairly complex and time-consuming, and includes various phases like IP application filing, drafting, drawing, office actions, and management.
Before you employ a patent agent to get ready the required documents to the process, you must do homework; what are key top features of your invention, how you can monetize it, general market trends to analyze customers’ needs, competitors’ activities, etc.
Here will be the important three parameters you ought to work on when filing an IP application:
1. Prior art search:
A general rule of obtaining patent will be your invention really should be unique and novel. So, it is advisable to check patentability of one’s invention before/during the patent application filing process as an alternative to getting rejection on the intellectual property office down the line. You can search with the prior arts inside country/region you wish to get IP protection, and learn if its features meet the desired IP uniqueness standards.
2. Market Mapping and Landscape Analysis:
Competition is just about the main barriers to success. There might be companies already practicing inside the areas your invention is a member of, and you want to do complete research about them. Market mapping and landscape analysis can assist you to identify top players, current and upcoming product launches, and recent business deals inside target markets of one’s invention. You can get the info by industry type, revenue, total sales, along with other parameters.
“Why general market trends is necessary at all” could be the question you’ve got as an inventor. Well, in line with an article published in HubSpot, Firms that regularly research their client markets (at the very least quarterly) grow greater than ten times faster than firms that will not conduct research. However, market analysis not simply promotes business growth, but, accelerate profits likewise.
According to Hinge’s set of effects of research on growth and profitability, firms that conducted frequent general market trends realized 19.9% profitability, whereas firms that would not conduct research reported only 11% profitability.
According to CBInsights “Fail to Meet Market Need” may be the No. 1 reason behind failure of start-ups, noted in 42% of cases.
3. Technology Landscape:
As your invention is usually to be brought up within the market some day, it is best to analyze the high demanding areas, latest and upcoming trends. Spend additional time in knowing when your patent can meet customers’ requirements and adapt the changing external environment.
You might remember The Eastman Kodak Company, a major photographic films and cameras seller, which failed and bankrupt in 2012. The basis for failure was the business’s inability to diversify its product lines in accordance with the new digital revolution.
Thus, studying market and technology trends is essential before/during the IP application filing process. It helps you understand target markets and audience well, get market-sound claims, develop exclusive patent monetization strategies, and enhance your returns on investment.