The patent “big data challenges”
How to support an entire society. As long as I can remember, national, regional and local patent conferences, seminars, training concepts and various services has had a strong focus on issues like; what is a patent, what right does a patent provide, what kind of invention can be protected, do I need a patent attorney to prepare and file a patent application, is a patent valid in every country, what happens if I forget to pay the yearly patent fee, etc. Obviously relevant and constantly current issues, but also a very narrow focus that has contributed to the widespread knowledge gap that exists today, especially among smaller companies.
This is the first out of three posts where I will pinpoint 3 major challenges, one in each post and all of which are linked to the willingness and ability to use patent data for smarter development- and management decisions. Challenges that we´re about to solve.
The two most important questions that all of us who help companies managing and analysing patent information need to be able to answer is:
In my opinion, being able to answer these two questions is a master key to giving an entire nation´s technology based industry much better opportunities to compete, to grow and very important – to avoid reinventing the wheel.
- How can I and my company more easily obtain and better interpret patent information?
- How can I better understand the relationship between patent information and other crucial business data?
And hey, you will also make sure that no one else capitalizes on your and your company´s inventiveness.
70 % of European companies don´t know that they can use patent information to make better business.
For all of us, who in various ways support companies in their innovation- and development strategies, we must be clear about the fact that patent information has gone beyond its role as a source of technical information only – where you´re looking to find prior art. Based on my own industry experience, I know that companies benefit the most when they are provided with valuable insight to business challenges like:
- How to know if competitor´s plans interfere with our own plans.
- How to know if there any new competitors on their way.
- How to know if there is any game-changing technology trends coming our way when we´re planning future product development strategies.
- How to form sharper sales strategies or how and where to find a licensing partner.
- Why we maybe should focus on fewer markets even though we want to increase our sales.
- How to know the importance and/or value of a patent in comparison with our competitor´s patents.
- How to make better investment decisions, and a few more insights…
To be able to offer this kind of business building insight, you need to know how to manage and analyse the ever-increasing amount of patent data (rapidly approaching 100 million patent documents from all over the world). We cannot just rely on the patent tools available on the market today and on patent experts. Still the awareness is low and will continue to be low unless we find a way to tackle this challenge.
Next week I will address the 2:nd challenge in a new post, until then:Sign up for our 20-minutes lunch webinar
In this webinar on December 18, me and a colleague of mine will share with you, hands on advice on how to use patent data for smarter development- and management decisions. This will also help you to better understand the business opportunities and the business value when drafting a patent application.
Webinar time: 12:00 PM CEST at:
After registering, you will receive a confirmation by e-mail with information about the webinar.