Business planning and Intellectual Property
The research and development associated with the invention must be structured in a way that it should provide maximum output within the specified input. This structure must be developed in all companies whether it is a large company or a small medium-sized enterprise. All such companies can receive multiple submissions which increase their dependency upon structured R&D. There are multiple inventions that might not be protected under the patent model, therefore analyzing those inventions and working for maximizing the output must be the aim of the company. This R&D needs to be structured for the evolution of all three-phase that is linked with the development of the invention. The primary phase is the development of the invention. This phase includes all the research that is required for the development work, like getting into research work and investing in it. The second phase comes after the development of the invention which is applying for the patent. After the whole process of grant of a patent, the third comes up with the commercialization of the invention. So ultimately, it is important that the inception of innovation is there, after which the filing of the patent. Commercialization of the patent is the final process which will include ways for the monetization of IP. Various companies start with this commercialization process even before the grant of the patent.
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Analyzing IP in terms of monetary benefit
It is important for the company to understand the commercialization of IP. It must be determined which invention is needed to be protected as per the monetization associated with it. Therefore the company must typically strategize between the IP and the business it gets into. These two parts of the inventions are the most important since their co-relation forms the complementary element of the invention. That is why the perspective of IP analysis is important for the business for the purpose of monetizing its invention. The first part it follows is the issue of patentability criteria of the invention. The conception of the invention must be coupled with the analysis of the prior art search in the field of the invention. This search looks at identifying if the invention is novel, not obvious, and commercially applicable, and hence fulfilling the key criteria for filing a patent application with a strong chance of reaching a grant status. This prior art search is simple, thanks to the strong digitization of patent offices around the world. This helps in establishing the novelty of the invention, attributing the strength of the invention. A stronger invention is more obvious to get fewer objections. If the invention has a substantial number of the prior art, this will affect the novelty, making it a weak invention, therefore affecting the commercialization. Why this is important? Not only for the grant of a patent, but a comparative analysis of the prior art determines the power of commercialization of IP. This is useful because taking the same in conjunction with the business creates a good scope of the invention. Probably, the industrial applicability of the invention might not be clear with such a prior art search.
Business and IP
Covering the important part of the business, the patent must be structured accordingly. Market analysis helps the invention to create more profitability. Therefore the patent claims need to cover all such features which add to the novelty of the invention. There are inventions which add to the feature of the existing invention and there are others which give a new technology. In both the case, it is necessary that the business needs to analyze the market in terms of the relevance of the invention. Such analysis provides a better impact of the invention in the market which can help in understanding the growth of the business as well. For companies entering into a new market might find it difficult to proportionate the impact of the invention due to a lack of market data.
Strategy in terms of market certainty is very important for the business to generate profit. Without structured strategic planning, the commercialization of IP seems to be a difficult task. The investment and budget allocation and the time it takes to reach the market; all such information needs to be taken into consideration while dealing with the same.
Author: Saransh Chaturvedi an associate at IP & Legal Filings, in case of any queries please contact/write back to us at support@ipandlegalfilings.com.
