Bringing a new technology or invention to market is a long and arduous process. From conception to financing, from understanding the market and keeping tabs on competitors, the journey can be like threading a needle. Below are key questions that companies should answer and periodically update.
Who are your competitors and how dominant are they?
A Google search or having inherent market knowledge will tell you which companies are working in the same technology area as you. In addition, one can look at the size (market cap) and revenues to infer market position and dominance of a company if the information is publicly available. What about the companies and organizations that are not obvious? Looking at patents in a space will not only show the obvious competitors but also the ones that are not such as private companies, individuals or universities. Any one of these entities could be dominant the field of development.
Look behind the Curtain- What are your competitors up to, or not?
If your competitors have filed several new patents more recently this indicates active research and development. Further examination of the patents in detail will provide insights into the nature of the product, the underlying technology and how much it differs from products currently in-market. In addition, companies should monitor their competitors patent filing over time to keep an eye on their R&D. On the flip side, if your competitors are sitting on several older patents in a particular technology area this indicates lack of research or by extension their focus has shifted elsewhere.
How does your Technology compare to your competitors?
To what extent is your product different? Patent data can help understand what technologies your competitors are working on can help guide product development and provide insights into what your competitors may be bringing to market.
How does your technology compare to the broader market?
An analysis of the patents can be used to understand how your invention compares to the current product or technology benchmark and whether it falls within the realm of what is perceived to be a valuable or desired technology. It can also be used to understand if a competitor is working on a similar product or technology to bring to market. More importantly the analysis will help uncover what aspects of a product or technology your competitor deems to be important.
For more information, you can visit https://patentseekers.com/us/ or contact BioMedSA member:
Christian Hartmann| Head of Business Development, North America | Patent Seekers
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