The strategy behind the use of Patent Applications:
A patent strategy is a continuous step taken by the company or the institution to protect its invention and its position from their competitor. A patent strategy is similar to a Business strategy, it repeatedly needs obstructive analysis to recognize the threat and opportunities.
Why Patent strategy is important?
Strategies mutate according to the industry, size, and stage of the business. Patents play an important role in building and hardening a ruthless market position for several businesses. Patents act as a shield for new inventions, confirm individuality in the market, and support companies in market shares. Patents also protect market competitiveness against competitors and infringers. If the competitor duplicates your patented innovation, strict action like patent Infringement can help you execute your rights, make them stop, and charge a penalty for the damage.
Patents will help you to set up joint ventures and partnerships. Anyway, some key points to include and manage IP to verify a fruitful joint venture or partnerships that brace up your business strategy. Imagining how a patent strategy will support funding and developing plans can help produce the business strategy.
Patent strategy begins in the expansion phase by examining your business strategy and comprehending the technical landscape. To build valuable patent portfolios business goals will guide a long-term blueprint. Inspecting the patent campaign of the main competitors, partners and customers can also aid to get an overview of the patent landscape based on the technology.
5 steps to get a Patent easily:
• Aware of the Prior-Art Search.
• Cut back your invention to core features.
• Utilize the international PCT application.
• Inquirer discussion.
• Economical for a utility non-provisional patent application.
There are multiple ways through which a company can develop an intellectual property strategy depending on a single patent application filing. Anyhow, the continuation IP strategy must be taken into consideration by the Competitors and Company’s roadmap.