Patents that protect important inventions are valuable to space technology companies that depend on those inventions to stand out in their industry. In many situations, a portfolio of patents is a tech company’s most valuable asset.
A well-designed patent portfolio can provide a competitive advantage, increase company valuation, attract investors, and attract and retain key employees.
You can build a valuable patent portfolio by strategically patenting high-value inventions that protect critical product features and provide significant value to the company. Too many companies randomly patent mediocre inventions. This approach can be a waste of time and money.
Instead, space tech companies need to identify and prioritize all of their inventions, then select the most valuable inventions for protection with their patent budget. Building a patent portfolio isn’t a “numbers game.” The goal is a portfolio of high-quality, high-value patents that are significant assets for the company.
To build a strong patent portfolio, here is a 3-step system that’s worked for hundreds of clients over the past 25 years.
1. Identify Every Invention in your Organization
Before you run off and start filing patent applications, there are two steps you need to complete first: identifying and prioritizing your inventions.
Identifying every invention in your company includes looking at your existing products and current development activities. For example, many space tech companies will perform invention mining activities to identify all inventions in a particular product.
It’s also important to get your entire team involved in the invention process. Great ideas can come from any team member, not just the engineering/development department. Teach everyone in your organization how to identify inventions and encourage them to submit their innovative ideas.
You can also take steps to make inventing fun, such as invention contests and entertaining off-site brainstorming activities.
To make sure your team’s inventions don’t slip through the cracks, create a system for submitting and tracking inventions. The invention submission process should be fast and painless so employees aren’t discouraged from submitting their inventions.
I’ve seen too many companies with long invention disclosure forms that stop people from submitting their ideas. Keep it short and simple so you’re certain to capture every invention.
2. Prioritize your Inventions
Now that you have identified every invention in your organization, it’s important to evaluate and prioritize those inventions.
The value of your patent portfolio depends on a careful evaluation of all inventions.
I have helped many clients evaluate their inventions by first creating a group of team members who will be the evaluators. This group should represent multiple departments and roles in the organization, such as engineering, product development, marketing, sales, and executives. These different team members have different perspectives regarding the value of an invention, the development costs, and whether the invention is in alignment with the company’s goals.
The group of invention evaluators will regularly review the submitted inventions based on specific criteria. This criteria is aligned with the company’s goals and may include the lifetime value of the invention, potential patentability issues, and the defensive value of the invention.
Each invention is scored based on the criteria. The inventions are then ranked based on their score. The highest ranked inventions are prioritized for preparing patent applications, which can become issued patents that expand the company’s patent portfolio.
3. Protect the Best Inventions
The list of prioritized inventions are excellent candidates for protection via a patent application. The evaluation and prioritization process discussed above should filter out mediocre inventions that don’t provide significant value to your company.
A strong patent portfolio has a collection of patents covering inventions in multiple categories. For example, patents covering your core technology, critical must-have product features, future inventions, and defensive inventions provide well-rounded protection for your company. This protection can reduce the risk of litigation, provide a barrier to entry for competitors, secure your competitive advantage, and increase company valuation.
Your team has invested time, money, and expertise to create innovative products that differentiate your company in the marketplace. Secure that investment by protecting your best and most valuable inventions to create or expand your portfolio of patents.
You can start implementing the 3-step system discussed in this article today. Start by identifying and evaluating every invention in your company. Then, protect the most valuable inventions that add significant value to your patent portfolio. This 3-step system has worked for hundreds of companies and provides a path for you to begin creating your own high-value patent portfolio that strengthens your business.
Do you have questions about how to identify and protect your most valuable inventions? I can help.
I’m offering complimentary 20 minute strategy calls to help you determine what you need to be aware of regarding your company’s inventions or patents. I will answer any questions and provide suggestions for identifying and protecting inventions created by your team.
Schedule a complimentary strategy call with me at: https://calendly.com/steve-sponseller/20