Harnessing Free-to-Use Intellectual Property For Business Growth

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SUMMARY

In the fiscal year 2023, over a 41,000+ patents were granted, a high jump compared to 4,227 patents awarded a decade prior

However, India’s share of global patents remains relatively low at just over 2%

While safeguarding IPs through patent filings is crucial, an often-overlooked opportunity lies in leveraging the wealth of free-to-use technologies within India’s IP landscape

A rising number of patents signals a growing appetite and capacity for innovation within a country. In the fiscal year 2023, over a record-breaking 41,000+ patents were granted, showcasing a monumental leap from the modest 4,227 patents awarded a decade prior. This dramatic rise reflects the growing entrepreneurial spirit and ambition among Indians to invent original ideas, products, and services.

However, India’s share of global patents remains relatively low at just over 2%. This highlights that a vast number of technologies and patents are protected globally but remain unprotected within India’s borders. 

As a result, these unpatented innovations are essentially free for use by anyone in India, as the patent holders cannot enforce their intellectual property rights domestically. Additionally, many patents have expired due to non-payment of maintenance fees or other technical lapses. These patents also enter the free-to-use IP pool.

While safeguarding intellectual property (IP) through patent filings is crucial, an often-overlooked opportunity lies in leveraging the wealth of free-to-use technologies, inventions, and designs within India’s IP landscape.

  • Value addition via patent information: Patent documents explain all the nitty-gritties of implementing a technology. The technical knowledge present in patents is seldom available elsewhere. Searching through patent data related to a company’s field can provide knowledge that may never be accessed otherwise.
  • Leverage free-to-use technology: Accessing global patent information gives companies innovative technologies and designs for use in India without infringing IP rights or paying licensing fees. Patent documents serve as guides to learn and improve products/services, to meet evolving customer demands and preferences, giving their business a competitive edge.
  • Ease of implementation: Patent documents offer detailed implementation notes, making it easier to identify and integrate new features into existing products or processes.

Identifying Relevant Free-To-Use IP

With millions of patents worldwide, identifying relevant ones from this vast pool can be daunting. Developing a robust strategy for patent analysis involves several key steps:

Step 1: Identifying a product category that could benefit from improvement or differentiation.

This requires market research to understand consumer preferences and competitive analysis to pinpoint where a company’s product stands compared to others. 

Step 2: Conducting a comprehensive search for patents related to the technical features.

This includes conducting a search on Google Patents (or other databases) using the right keywords and identifying patents related to this feature from across the globe. For example, if a company manufactures overhead water tanks, it could focus on features like keeping the water cool in summers, as shown below

Step 3: Meticulously reviewing the patents from previous steps combined with their business and product knowledge will give some top ideas to focus on.

Next, they should check if the same patent exists in India by looking for a family member patent filed with the country code “IN” on Google Patents. For any patents without an Indian counterpart, integrating them into products will improve offerings without incurring licensing fees or litigation threats.

Here are exemplary snapshots from Google Patents showing family members of a patent:

Patent 1: This innovation has only been protected in China, Great Britain, and WIPO. Thus, it can be utilised to enhance products in India, free of cost.

Patent 2: This innovation has only been protected in the US and WIPO. Thus, it can be utilised to enhance products in India, free of cost.

 

 

Step 4: Consultation

After finalising patents for product integration, companies should share the patents with their R&D or product teams for review. Teams may make minor improvements to the invention, and the companies should patent these enhancements to protect them from competitors.

Hiring external experts can be beneficial for a thorough analysis of patents and technology, offering their expertise in the global patent field and advice on incorporating technologies into products.

Strategic Utilisation of Free-to-Use IP for Innovation and Business Growth

Harnessing free-to-use intellectual property presents a strategic opportunity for companies to bolster their research and development efforts, drive product innovation, foster customer satisfaction, and propel business growth.

Identifying Opportunities And Prioritising Implementation

A key aspect of leveraging free-to-use IP is identifying possibilities by analysing features in relation to patents and ranking them based on the ease of “reduction to practise” – the process of transforming an idea or invention into a functional, tangible form.

Staying Ahead Of The Curve

Leveraging free-to-use IP allows companies to plan and prioritise their R&D efforts effectively, ensuring they do not miss opportune moments for incorporating new features into their products.

Creating And IP Culture

Utilising free technologies sparks awareness of intellectual property protection’s importance for R&D and product teams. This exposure not only provides insights into patentable innovations but also kickstarts companies’ intellectual property creation journey, giving them a competitive edge.

Conclusion

In conclusion, companies must utilise patents as a valuable source of technical and competitive intelligence. Especially in India, where almost 98% of global patents are not legally protected, a unique opportunity arises to leverage this information to enhance products without liabilities. 

While the journey typically starts with using patent information to identify free-to-use technologies and features for products, it ultimately leads to cultivating a culture of innovation and intellectual property protection within the businesses, propelling them significantly ahead of the competition.





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Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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Harnessing Free-to-Use Intellectual Property For Business Growth


SUMMARY

In the fiscal year 2023, over a 41,000+ patents were granted, a high jump compared to 4,227 patents awarded a decade prior

However, India’s share of global patents remains relatively low at just over 2%

While safeguarding IPs through patent filings is crucial, an often-overlooked opportunity lies in leveraging the wealth of free-to-use technologies within India’s IP landscape

A rising number of patents signals a growing appetite and capacity for innovation within a country. In the fiscal year 2023, over a record-breaking 41,000+ patents were granted, showcasing a monumental leap from the modest 4,227 patents awarded a decade prior. This dramatic rise reflects the growing entrepreneurial spirit and ambition among Indians to invent original ideas, products, and services.

However, India’s share of global patents remains relatively low at just over 2%. This highlights that a vast number of technologies and patents are protected globally but remain unprotected within India’s borders. 

As a result, these unpatented innovations are essentially free for use by anyone in India, as the patent holders cannot enforce their intellectual property rights domestically. Additionally, many patents have expired due to non-payment of maintenance fees or other technical lapses. These patents also enter the free-to-use IP pool.

While safeguarding intellectual property (IP) through patent filings is crucial, an often-overlooked opportunity lies in leveraging the wealth of free-to-use technologies, inventions, and designs within India’s IP landscape.

  • Value addition via patent information: Patent documents explain all the nitty-gritties of implementing a technology. The technical knowledge present in patents is seldom available elsewhere. Searching through patent data related to a company’s field can provide knowledge that may never be accessed otherwise.
  • Leverage free-to-use technology: Accessing global patent information gives companies innovative technologies and designs for use in India without infringing IP rights or paying licensing fees. Patent documents serve as guides to learn and improve products/services, to meet evolving customer demands and preferences, giving their business a competitive edge.
  • Ease of implementation: Patent documents offer detailed implementation notes, making it easier to identify and integrate new features into existing products or processes.

Identifying Relevant Free-To-Use IP

With millions of patents worldwide, identifying relevant ones from this vast pool can be daunting. Developing a robust strategy for patent analysis involves several key steps:

Step 1: Identifying a product category that could benefit from improvement or differentiation.

This requires market research to understand consumer preferences and competitive analysis to pinpoint where a company’s product stands compared to others. 

Step 2: Conducting a comprehensive search for patents related to the technical features.

This includes conducting a search on Google Patents (or other databases) using the right keywords and identifying patents related to this feature from across the globe. For example, if a company manufactures overhead water tanks, it could focus on features like keeping the water cool in summers, as shown below

Step 3: Meticulously reviewing the patents from previous steps combined with their business and product knowledge will give some top ideas to focus on.

Next, they should check if the same patent exists in India by looking for a family member patent filed with the country code “IN” on Google Patents. For any patents without an Indian counterpart, integrating them into products will improve offerings without incurring licensing fees or litigation threats.

Here are exemplary snapshots from Google Patents showing family members of a patent:

Patent 1: This innovation has only been protected in China, Great Britain, and WIPO. Thus, it can be utilised to enhance products in India, free of cost.

Patent 2: This innovation has only been protected in the US and WIPO. Thus, it can be utilised to enhance products in India, free of cost.

 

 

Step 4: Consultation

After finalising patents for product integration, companies should share the patents with their R&D or product teams for review. Teams may make minor improvements to the invention, and the companies should patent these enhancements to protect them from competitors.

Hiring external experts can be beneficial for a thorough analysis of patents and technology, offering their expertise in the global patent field and advice on incorporating technologies into products.

Strategic Utilisation of Free-to-Use IP for Innovation and Business Growth

Harnessing free-to-use intellectual property presents a strategic opportunity for companies to bolster their research and development efforts, drive product innovation, foster customer satisfaction, and propel business growth.

Identifying Opportunities And Prioritising Implementation

A key aspect of leveraging free-to-use IP is identifying possibilities by analysing features in relation to patents and ranking them based on the ease of “reduction to practise” – the process of transforming an idea or invention into a functional, tangible form.

Staying Ahead Of The Curve

Leveraging free-to-use IP allows companies to plan and prioritise their R&D efforts effectively, ensuring they do not miss opportune moments for incorporating new features into their products.

Creating And IP Culture

Utilising free technologies sparks awareness of intellectual property protection’s importance for R&D and product teams. This exposure not only provides insights into patentable innovations but also kickstarts companies’ intellectual property creation journey, giving them a competitive edge.

Conclusion

In conclusion, companies must utilise patents as a valuable source of technical and competitive intelligence. Especially in India, where almost 98% of global patents are not legally protected, a unique opportunity arises to leverage this information to enhance products without liabilities. 

While the journey typically starts with using patent information to identify free-to-use technologies and features for products, it ultimately leads to cultivating a culture of innovation and intellectual property protection within the businesses, propelling them significantly ahead of the competition.





Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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