We live in a world filled with very complex technologies serving our various needs. Developing even the simplest product (Software or Hardware) requires incorporation of many technologies. The complexity of making a good product is further compounded by market forces, competitor pressures, supplier and vendor demands, introduction of new business models, and the rapidly changing technology landscape. Therefore, running a successful technology oriented business requires a company to seek competitive advantage that will protect its future business interest.
Seeking IP protection
Imagine you have created a product. It is a technically complex product that incorporates a lot of creative technical solutions, and serves a very large market need. The obvious thing to do is to go and get some protection for your product in the form of patents.
Where is your invention hidden in this complex product that can potentially earn billions in revenue, and are inventions the only form of IP you need to protect?
“Your products and services when protected by IP rights helps you differentiate from your competitor and maximizes your profit”.
Maximizing your profit depends on how you generate customer loyalty, how you entice customer to buy your product or service, or how you make products at the lowest cost. Therefore, the most important IP is not necessarily a technology; it could be any one of the key elements in your business model or your unique value proposition or customer problems. It could also be the process for customer acquisition, customer retention, employee hiring or even the design process that you follow.
Products and inventions
A product may contain many parts, and may itself be part of larger systems. Before deciding to protect the product or a part of the product, it is important to understand how a product functions in the customer environment, and the parts that enable it to solve the problems faced by the customers. The most important parts of a product may not be the ones that have the coolest technology, but are the ones that customers value the most. The most important IP in a product may be the invention that solves a technical problem.
Novel and non-trivial technology solutions that solve challenging problems are called inventions. Inventions may exist as part of the products or even separately as features, add-ons, plugins etc. Many times inventions can exist at the system level and in the application of a technology to a new area.
Patents are the most valuable intellectual property a company can own. Patents are a form of Intellectual Property right given to an inventor for unique technical inventions. Therefore, technology based products created by a company may hold the most valuable IP.
Most of the times it is not very obvious which part of your product is patentable.
These decisions requires identifying the importance of every solution available in your product, how it satisfies a customer requirement, how it connects to your business model and how relevant it is for future applications.
Inolyst helps companies discover their most important IP through “IP Discovery” consultation practice.
IP Discovery is a process by which we unearth all IP hidden in a business model. IP Discovery helps a company in formulating a holistic, cost effective, and value enhancing IP strategy. This process ensures that a company protects its most important, valuable, and profit maximizing IP. Click here to contact us or write to us at firstname.lastname@example.org