Develop a better product with insight into existing patents 🧑‍💻

Review competitive technologies early

If you’re still developing your business and product and are thinking about looking into patents once you’ve finished developing your product, now is the perfect time to jump into the first phase of The IP Link’s Product Protection Playbook program.

Learn more in the video below:

Find the Gaps in your Market

I’ve had a couple clients wait until their product was further along in its development only to find that they were “reinventing the wheel” so to say. Completing an in-depth competitive review will illuminate the gaps in the market and help you focus the development of your product. A careful review of related patents will greatly improve your chances of uncovering competitors and competitive technologies.

In one case, even though a company I worked with was aware of their competitors, they hadn’t carefully searched the patent literature early in the creation of their product so they missed an important patent in their space that was owned by a company that wasn’t on their radar prior to the search.

Product Development from the Shoulders of Giants

The added benefit of completing such a search early in the development of your product is that you may be able to use what you find in existing patent applications, expired patent documents, patents in countries that you don’t operate in, and scientific publications to improve your own product. You do have to be careful not to infringe on any active patents in your country, but the vast majority of published patents and other documents never issued or are no longer active, and therefore won’t impact your ability to operate.

Further, gaining an understanding of the prior art will enable you far more effectively improve on it. Without knowing what already exists, you may end up developing a product or solution that is already publicly known, even if it may be in an obscure corner of the patent literature. Why waste your time on that, when you could start from what’s known and improve on it!

When it comes time to file your own patent application, you’ll be far ahead of the pack and much more likely to have a patentable product on your hands. When it comes time to sell your product, your offering will be truly unique!

If this sounds like where you are currently in your business, let’s jump on a call and I’ll share all the info you need to join The Product Protection Playbook.

How will you use your patent?

Let’s say you decide to file a patent for $8,000 – $12,000, then within the subsequent year, you pay another $10,000 to maintain it.

What will you do with your patent application? How will it benefit your business? Will it bring more value than you paid?

As business strategy questions, not legal questions, these are not questions your patent lawyer will likely help you with.

You need to be the expert.

You need a deep enough understanding of the patent process to be able to determine how you will use your patent after your lawyer submits your application for you.

If you plan for this BEFORE drafting and filing your application, it will greatly improve your ability to use your patent effectively. Also, the prep work will help you work with your lawyer more efficiently, may bring the legal fees down, and will result in a far better patent application.

If you’re considering filing a patent application within the next few months, make sure to become an expert on how your patent will impact your business and do the right kind of preparation well in advance by joining The IP Link’s new Product Protection Playbook™️ program.

Also, let me know in the comments below if you have filed a patent in the past, what benefit did it bring to your business? If you haven’t yet, do you have a plan for your patent once it’s filed?

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