Intellectual property plan designed strategically can maximize innovative organizations value, beyond expectations.
Insights of IP strategies for innovators to increase business value
What patent needs to protect?
The product an innovator invents is vital, but the customer solution you offer is more important. In your patent, you define the invention with respect to value you provide to consumers, which is narrow to protect business value proposal from getting pinched by the competitors.
Actually, competitors don’t care about the product but about the customers you gain. If the patent rights include only product security then your competitors may benefit.
Ensure that the patent covers not only your invention but even the modification.
Who drives patenting process is important?
The IT staff is the main contact for getting patent rights, which covers just the invention and the innovation part gets missed. Innovation in other words means customer solution addressed by staff that influences them to buy the product.
Patent is a legal acknowledgement that claims your invention is eligible for patentability. It is undoubtedly a confirmation of skill for IT staff. However, it does not clearly state about the core business value of claimed invention.
It is necessary to ensure that a claimed invention hold business value, so include the entire team in the patenting process on every stage. Thus, patenting decisions are taken with appropriate importance on business value and not just on technical merit.
Consider modification value
Besides, protecting his original invention, creators need to consider the value chain. ‘Value Chain’ for patenting means consider the total product cycle. It will be seen that actual invention value of your product will be an improved value of another similar item sold in the market because of its enhanced functionality.
Your enhanced product becomes patentable due to improved functionality.
Perform patent searching
Before commencing on the development path, innovators need to go on a patent search. If someone has already got patent rights then your invention can result in infringement of 3rd party patent rights.
Knowing where your invention lies in the patent arena helps to make modifications and ensure broad protection.
IP monitoring is vital, why?
Claim of IP right is not a onetime event but an on-going process. Ask yourself, ‘Does the current IP strategic plan align properly with your business?’ For this, it is necessary that each member need to articulate the company’s IP strategy and interact with the legal team in synch with ongoing patent decisions.
For setting a functional IP strategy it is necessary to ensure that the specific IP tactic is in alignment with previously defined one. It eliminates the pain in future to address previous (forgotten) patent application.
Do patents matter to you?
If your aim of patent protection is to use as a strong driver for earning profits then it becomes necessary to obtain a wide coverage, which aligns closely to maintain your revenue flow.
In case, your business revenue expectations do not depend on patent rights because your competitors will find it hard to serve your consumers then there is no need to overpay for overall patent rights.