Do You have an Advantage?
Analytics can help you find out. Imagine this: You’re preparing for that big job interview. You’re qualified, have the necessary skills to do the job, and are ready to bring new and novel ideas to the table. You are the perfect candidate. You’re definitely more qualified than the other applicants, right? But how can you know for sure? If you only had the competitive advantage of knowing who you’re up against before you even step foot in the interview.
Thanks to quantitative analytics and machine learning, we can apply that same logic to inventions. You’ve done your research and have an original idea, but now you can determine if you have an advantage over the competition, or even where your idea ranks among similar concepts?
That’s where the Technology Vitality Report fits in. Its AI-based semantic engine is ready to ingest innovative ideas and measure them against those that are already sitting in the public domain. The report leads to insights about whether your invention has the capacity to survive, and then grow, amidst competitors. A quantitative novelty score can help your company make fully informed decisions about whether to pursue a patent, defensively publish, or secure an invention as a trade secret.
The Technology Vitality Report (TVR), available as a part of InnovationQ, assists with key stages of intellectual property development. R&D leaders need to foster and manage innovation among teams of inventors. Inventors must understand the novelty and patentability of their solutions. IP managers must identify the inventions that build high-value patent portfolios. These tasks run on an infinite cycle of questions, such as (but not limited to):
- How unique is this technology when compared to existing patents?
- Is the invention likely to embody a foundational technology, perhaps the seminal patent in a new area, making it an exceptional asset?
- Is the patent resulting from the invention disclosure likely to be broad or narrow in scope?
- What is the monetization opportunity?
Years of IP expertise and due diligence allow your team to make educated guesses and predict an invention’s potential. The TVR quickly helps you assess the novelty of your idea, allowing you to make plans to protect — and then monetize – the innovation as quickly as possible.
How it Works
Without getting too deep into technical speak about artificial intelligence, algorithms, and machine learning (they are all in there), the number-one thing you need to know is that the analysis is based on semantics. This is a discovery and evaluation of concepts, not just keywords.
You enter a natural language query, and then the AI-engine uses it to analyze millions of patents. Within minutes, the system calculates a score ranging from 0-1000.The score is based on the dissimilarity of the query from the closest members of the world-wide patent database in InnovationQ. The final TVR includes the resulting novelty score, a list of related patent documents, a keyword and concept visualization, and a graph of peer group activity. Learn more about how the TVR works.
A quantitative score removes some of the speculation (and emotional influence) about an invention’s potential. It tells you the overall rating of the invention compared to the leading patentees in the same technology field. With this quick and easy tool, you gain a sense of the invention’s value very early in the decision-making process.
How to Apply the Results
The primary use of the TVR is to determine whether to patent, disclose, or keep an invention a trade secret. Green-light high-scoring disclosures to the next step, kill low-scoring ideas, send feedback to the inventors, or shift the efforts of review teams to focus on the mid-scoring results for further attention and analysis.
Savvy users of the TVR also use the three business metrics, Market Maturity, Technology Opportunity, and Assignee Portfolio Size, to gain insight into the marketability of their invention:
- The Technology Opportunity score shows your investment commitment and positioning relative to the small or medium sized companies in the same technology.
- The Assignee Portfolio Size score shows how relatively large your portfolio is in your technology area.
- The Market Maturity score shows the market distribution (ratio) of large vs. small/medium in the peer group, i.e. the mix of wealthy competitors vs many small companies in the peer group.
With a TVR, you can have the advantage. A TVR in your hand helps you support your claims of novelty, assert your place above your peers, and accelerate your return on the company’s investment.
Find out more about the Technology Vitality Report and IP.com’s suite of Insight Reports brought to you by InnovationQ.