Done with the submission of 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 getting a patent can give you the legal protection to do so. Since US patent law switched to first-to-file-first-to-invent in 2013, you need to be very quick in filing IP applications.

The patenting process is quite complex and time-consuming, and includes 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 should do your homework; what are the key features of your invention, how to monetize it, market research to analyze customer needs, the activities of competitors, etc.

Here are the three important parameters to work on when submitting an IP application:

1. Search for the state of the art:

A general rule for obtaining a patent is that your invention must be unique and novel. Therefore, it is better to verify the patentability of your invention before or during the patent application filing process rather than get it rejected by the IP office later. You can search for prior art in the country/region where you want 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 that 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 future 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 posted 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 the Hinge report on the effects of research on growth and profitability, companies that conducted frequent market research reported a return of 19.9%, while companies that did not conduct research reported only an 11% return .

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

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

conclusion

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