While doing research and development, we often came across some creative ideas, processes, and concepts that don’t exist. As an inventor, you have the right to enjoy all the benefits of what you have invented, and obtaining a patent can provide legal protection for this. Since US patent law switched to first-file-first-invent system in 2013, you have to be very fast in filing intellectual property applications.

The patenting process is quite complex and time-consuming, and includes several phases such as filing, drafting, drawing, office actions, and managing IP applications.

Before hiring a patent agent to prepare the necessary documents for the process, you must do your homework; What are the key features of your invention, how to monetize it, market research to analyze customer needs, competitor activities, etc.

Here are the three important parameters you should work on when filing an IP application:

1. Search for the state of the art:

A general rule of thumb for obtaining a patent is that your invention must be unique and novel. Therefore, it is better to check the patentability of your invention before / during the patent application filing process rather than get rejection from the intellectual property office later on. You can look up the techniques above in the country / region where you want to get 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 are already practicing in the areas your invention belongs to, and you should do a full research on them. Market mapping and landscape analysis can help you identify top players, current and future product launches, and recent trade deals in the target markets of your invention. You can get the information by industry type, revenue, total sales, and other parameters.

“Why Market Research Is Necessary At All” is the question you might have as an inventor. Well, according to an article posted on HubSpot, Companies that regularly research their customers’ markets (at least quarterly) grow ten times faster than companies that do not conduct research. However, market analysis not only promotes business growth, it 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 19.9% ​​return, while companies that did not conduct research reported only a 11% return. %.

According to CBInsights, “Failure to meet market needs” is the number one reason for startup failure, seen in 42% of cases.

3. Technological landscape:

Since your invention is going to hit the market one day, you need to analyze high demand areas, latest and future trends. Spend more time finding out 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 film and cameras, which went bankrupt and broke in 2012. The reason for the failure was the company’s inability to diversify its product lines in accordance with the new digital revolution.

Conclution

Therefore, studying market and technology trends is very important before and during the IP application filing process. It helps you understand your target markets and audience well, gain strong market claims, develop unique patent monetization strategies, and increase your return on investment.