An applicant could examine if the applicant's inventions are similar to any preexisting patents in a particular industry by conducting thorough market research. An inventor can examine the market environment for an invention by conducting market research before filing a patent or after receiving it. In addition, the analysis may aim to identify key competitors, understand the scope of commercialization of a particular invention, discover where gaps exist in a particular field where the invention may fill, and understand the emerging technological developments in a specific industry. The inventor or patentee may also be able to identify potential commercial or non-commercial entities that may be interested in purchasing or licensing the patent.
In a nutshell, the type of market research that takes place before patent filing can be grouped into quantitative and qualitative research.
Before filing a patent, a patent application might proceed with quantitative market research in order to determine the percentage of the population that is likely to use the invention. These surveys and questionnaires are useful for determining how many people are likely to use an invention. With quantitative market research, the inventor can familiarize himself with the market. In addition, he can understand the customers who may be interested in a particular invention. A qualitative approach, on the other hand, may offer the inventor insights into the various factors that affect the commercial viability of their invention.
The importance of Market Research can also be seen in furthering Research and Development and preventing infringements. Companies can determine the right type of target at the right time and in the right market situation by conducting the proper type of market research. It can also help them out-license or sue the most valuable targets in the market.
Assessing the value of your IP portfolio is essential for maximizing its value, which is why its commercial potential must be understood and fully aligned with your corporate strategy. To serve our clients with information-rich and high-quality reports detailing the current potential of their technology platform and its associated IP, we employ our proprietary methodologies and algorithms, such as an examination of company and inventor histories, patent and non-patent literature search, historical market data, market projections, and other data, in addition to our proprietary methodologies and algorithms.
Copyrights © Virtue Legal Services 2022. All rights are reserved.