During R&D, we often come up with some creative ideas, processes, and concepts that do not exist. As an inventor, you have the right to enjoy all the benefits of what you have invented and to obtain a patent that can give you legal protection. Since US patent law changed to the first filing system in 2013, you have to be very quick in filing for IP.
The patenting process is quite complex and time consuming and involves various stages such as filing IP, compiling, drawing, office operations and management.
Before you hire a patent agent to prepare the necessary documents for the procedure, you should do your homework; what are the key features of your invention, how to monetize it, market research to analyze customers, needs, competitors & # 39; activities etc.
Here are three important parameters you should work on when submitting an IP application:
1. Previous Art Search:
The general rule for obtaining a patent is that your invention should be unique and new. Thus, it is better to check the patentability of your invention before / during the patent filing process rather than later being rejected by the Intellectual Property Office. You can look up the country / region where you want to get IP protection and see if its features meet the required IP unique standards.
2. Market mapping and landscape analysis:
Competition is one of the main obstacles to success. There may be companies that are already working in the fields to which your invention belongs, and you should do a comprehensive research on them. Market mapping and landscape analysis can help you identify the best players, current and upcoming product launches and recent business deals in the target market of your invention. You can get information by industry type, revenue, total sales and other parameters.
“ Why market research is needed at all “ is a question that could be your inventor. Well, according to an article in HubSpot, Companies that regularly research their clients’ markets (at least quarterly) grow more than ten times faster than non-research firms. However, market analysis not only drives business growth but also accelerates profits.
According to Hinge’s research report on the effects of research on growth and profitability, firms that conducted frequent market research achieved 19.9% profitability, while companies that did not conduct research achieved a profitability of only 11%.
According to CBInsights, “Not meeting market needs” is the no. 1 reason for startup failure was noted in 42% of cases.
3. Technology landscape:
As your invention will one day be marketed, you should analyze the areas of high demand, latest and upcoming trends. Spend extra time knowing if your patent can meet buyers & # 39; requirements and adapt to the changing external environment.
You may remember the Eastman Kodak Company, a leading photo and camera retailer, which collapsed and went bankrupt in 2012. The failure was due to the company’s inability to diversify its product lines in line with the new digital revolution.
So, studying trends in the market and in technology is very important before / during the IP application process. It helps you know the target markets and your audience well, get market demands, develop exclusive patent monetization strategies, and maximize your return on investment.