Using IP Analytics to Build Smarter, Stronger Patent Portfolios
In the rush to be “first to file,” an organization can lose sight of its overall patent strategy – assuming it ever had one.
The result can be wasted time and money and missed opportunities.
In many enterprises, innovation and the resulting IP “just happens.” It starts with a “Eureka!” moment in a lab, proceeds with invention disclosure paperwork, gets encapsulated in a patent application, and eventually emerges as a granted patent.
That patent may protect a valuable line of business, generate a stream of licensing revenues – or just hang in a frame on a wall, gathering dust.
Obviously, investing hundreds of thousands (or even millions) of dollars in a dust-catcher isn’t the smartest business decision. But enterprises that lack a clear view of the IP environment – and their role in it – often do just that.
File First, Ask Questions Later
Rushing to file a patent can lead to:
- Wasted executive, R&D, and legal time
- Unnecessary expenses
- Invalid or otherwise unenforceable patents
- Leaving “holes” in a patent landscape that others will fill
An IP analytics system can help an organization “ask the right questions” before starting the patent application process.
IP analytics helps business stakeholders make better IP-related decisions using:
- Text mining
- Data mining
Scanning for Gold
Science, technology, and medical publishing is growing at an unprecedented rate. For example, the volume of science literature available globally is now doubling every nine years.
This creates a wealth of knowledge that’s findable and mineable using IP analytics in the cloud.
Smart mining of the “state of the art” lets enterprises identify:
- Clever workarounds
- Disruptive solutions
- Opportunities overlooked by others
- Powerful potential partners
Knowledge is Power
Being armed with knowledge about the IP landscape can empower an organization to:
- Set near and longer term IP goals in the context of overall business strategy
- Define the target industry and its value chain
- Categorize key business and technology characteristics of an invention
- Discover who and what is driving the state of the art
- Prioritize ideas to cost-effectively build a strategic patent portfolio
To Learn More…
To learn more, please click here to request a copy of our paper Designing the Killer Patent Portfolio: Systematically Expanding IP in a First-to-File World.