Intellectual property rights are a critical foundation to the economy and the success of many businesses. Patented products, designs and technology surround us and make our daily lives possible. Patent owners enjoy legal protection against unauthorized copying or use, maximizing the chances of profiting from the investments made in development. Although many agree that there are numerous benefits to patent prosecution, there is also the fear that a time-consuming and expensive approval process might not make the effort worthwhile.
The risk of these potential downsides can be minimized with the use of the PatentAdvisor suite of online tools to:
- Provide valuable data and analysis,
- Allow for effective management of resources,
- Lower costs,
- Shorten the time of successful patent prosecution, and
- Provide a competitive advantage.
Are resources spent on patent prosecution a good investment?
Companies in the United States and around the globe understand the value of patent protection. In 2013, the U.S. Patent and Trademark Office (USPTO) granted 302,948 patents, just over half of which (155,296) were filed on behalf of companies in other countries. When deciding to invest in patent protection, companies may then find justification in allocating resources for research and development, which result in new products and support business growth while improving the standard of living for all of us.
How does PatentAdvisor help businesses with their IP needs?
PatentAdvisor provides a data-driven, systematic approach to patent prosecution, budgeting, managing an IP portfolio and evaluating outside attorneys. With the power of predictive analytics, companies can get a view inside the workings of the PTO, enabling them to effectively manage their resources and patent portfolio.
- Online data intelligence tools from Patent Advisor combine statistics, modeling and data mining to analyze past patent applications in order to understand the established pathway for any given examiner or art unit. This enables IP professionals to better predict how a similar application may be handled by the patent office.
- Analyses account for the great variability amongst patent examiners and art units. With this data in hand, Prosecution Advisor offers a perspective on how long the application process should take and the ability to set a more effective patent strategy for any application.
- In tandem with the prediction of how much time and effort may be required for an application to be successful, Budget Advisor can assist with resource allocation.
- Easy-to-understand information on the status of your company’s or firm’s entire patent portfolio with filters to highlight applications over expected performance parameters with Portfolio Advisor.
- Analysis of the relative prosecution effectiveness of specific patent attorneys to rate both outside and in-house counsel.
Patents are the lifeblood of companies in a wide variety of industries. If patent prosecution is a necessity for you, why not use tools that can make that process easier and more efficient?