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Using Analytics To Pursue New Patents

By News Creatives Authors , in Small Business , at August 27, 2021

Deepak Syal, IAM Top 300 Patent Strategist, Singapore Entrepreneur of the Year, Edison award, Red Herring Top 100, Co-Founder @GreyB.

How do you make decisions — based on experience or data analysis? Data analytics pervades modern life. Google serves you ads based on the analysis of your browsing history. Your favorite baseball team selects a starting pitcher based on his strike rate. 

Most CEOs are pros in execution — that is how they reached their position. Making difficult decisions based on gut instinct and personal experience has made them successful. Our gut instinct is the result of the analytics done by our brain on all the observations we have made in our lifetime. Increasingly, CEOs are expanding their exposure to gather new experiences that can help them make more informed decisions. One way they are able to achieve this is by employing analytics as part of their decision-making. 

The primary role of an analytics platform is to gather information from various sources and distill them into actionable intelligence. Business leaders can use this information and combine it with their personal experiences to form a decision. As the cofounder of a patent analytics platform, I want to talk about how this data can be useful when applied to patents and innovation happening in the company. 

Likelihood Of Getting The Patent

Many companies begin the patent process by trying to understand the chances of a patent getting granted. When using a patent analytics platform, pay attention to the following data to determine the likelihood of getting a patent:

• Success rate of the patent prosecutor.

• Allowance rate of the patent examiner.

• Allowance rate of the art unit.

Apply for a patent only if you see a good chance of getting a patent, after all, it is an expensive affair. You may not want to put your money on something that has a lower chance of success.

Time To Secure Patent Protection

The time to secure a patent has always seemed highly variable. For instance, one company might secure its patents in about a year while another company takes five years to get its patents. The time your patent applications take to reach allowance can affect your ability to raise money, obtain regulatory approvals, market and release products and secure overseas IP rights.

Different art units and examiners can affect the time it takes to examine your application. Your choice of patent counsel will also affect your pendency time. While you might think this influence is subtle, your choice of the patent attorneys for your patent prosecution can add weeks or even months to the time between filing and issuance.

Reviewing the following factors that influence the time-to-grant can help you predict how long it will take to issue your patent:

• Average number of rejections given in the technology domain of your patent.

• Average time-to-grant in the technology domain of your patent.

• Average number of rejections given by the examiner assigned to your patent.

• Average allowance time for the attorney prosecuting your patent application.

The time to allowance can give you an idea if it would be smart to expedite the patent process based on the demand of technology. Let’s say the tool is showing time to allowance as 2.5 years, and based on your product launch deadline you need a patent within one year. You may choose to fast-track the patent application for an additional sum of money.

Cost To Obtain The Patent

Minimizing overall costs and controlling costs at each stage during the pendency of a patent application are essential for many businesses filing patents. A patent is a property right and, like all business assets, is measured by its return on investment. As the investment to secure the property increases, you need greater returns to maintain an acceptable returns-to-cost ratio.

Pay attention to this financial information to help predict both the overall cost and the cost at each stage of the patenting process:

• Cost of new patent filings.

• Cost of prosecuting patents that are under examination.

• Maintenance costs of existing patents.

• Maintenance costs of patents that are unrelated to business.

• Step contributing to the maximum cost.

This financial information will provide valuable insight while making decisions for filing, prosecuting and abandoning a patent application. For instance, when looking at the remaining costs, if you feel it is not worth investing in the patent protection of an invention, you may choose to abandon the patent application.

Gathering Patent Analytical Information For Your Business Decisions

There are many tools that can provide you with analytical data. If you are considering using a tool to take the raw data and turn it into useful information for IP decision-making, there are some things you should consider. Look for a tool that has access to a huge data set. The more data a tool has access to, the stronger insight it can provide. Additionally, I suggest looking for a tool that provides the patent analytics information in an easy-to-digest format. 

Armed with patent analytics information, CEOs can make informed, data-driven decisions rather than relying on gut instinct alone.


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