Ready With Filing Your Intellectual Property Application: Consider These Three Parameters

While doing research and development, we often found some creative ideas, processes and concepts that don’t exist. As an inventor, you are entitled to enjoy all the benefits of what you have invented and obtaining a patent can give you the legal protection for it. Since US patent law switched to first-to-file, first-to-invent in 2013, you need to be very fast in filing intellectual property applications.

The patenting process is quite complex and time-consuming, including several phases such as IP filing, drafting, lottery, office actions, and management.

Before hiring a patent agent to prepare the documents required for the process, you must do your homework; what are the key features of your invention, how to monetize it, market research to analyze customer needs, competitors activities, etc.

Here are the three important parameters you need to work on when filing an IP application:

1. Search for the state of the art:

A general rule of thumb for obtaining a patent is that your invention must be unique and novel. Therefore, it is better to check the patentability of your invention before or during the patent application process rather than get rejection from the IPO later on. You can search for the state of the art in the country/region where you want to get IP protection and find out if its features meet the required IP exclusivity standards.

2. Market Mapping and Landscape Analysis:

Competition is one of the main barriers to success. There may be companies that already practice in the areas your invention belongs to, and you should do a thorough research on them. Market mapping and landscape analysis can help you identify major players, current and upcoming product launches, and recent business deals in your invention’s target markets. You can get the information by industry type, revenue, total sales, and other parameters.

“Why is market research necessary?” is the question you might have as an inventor. Well, according to an article published on HubSpot, Companies that regularly research their clients’ markets (at least quarterly) grow more than ten times faster than companies that do not conduct research. However, market analysis not only promotes business growth but also accelerates profits.

According to Hinge’s report on the effects of research on growth and profitability, companies that conducted frequent market research returned 19.9%, while companies that did not conduct research reported only 11% profitability. .

According to CBInsights, “failing to meet the market need” is the #1 reason for startup failure, seen in 42% of cases.

3. Technological landscape:

Since your invention is going to be on the market one day, you need to analyze the areas of greatest demand, the latest trends and the upcoming ones. Spend more time knowing whether your patent can meet customer requirements and adapt to the changing external environment.

You might remember The Eastman Kodak Company, a leading seller of cameras and photographic film, which went bankrupt and out of business in 2012. The reason for the failure was the company’s inability to diversify its product lines in keeping with the new digital revolution.

conclusion

Therefore, studying market and technology trends is very important before or during the IP filing process. It helps you gain insight into target markets and audience, gain strong market assertions, develop unique patent monetization strategies, and increase ROI.