Introduction

If you’re like me, you’re familiar with the concept of a patent. You see it all over the internet or in the hands of lawmakers and regulators. You might even be one of those people who has a patent on something, but hasn’t filed for it yet.

What is a patent? A patent is an exclusive right to invent or claim inventions for a limited time period (generally 20 years) or until someone else comes along and does something similar. Most importantly, it isn’t some sort of government document; it is an idea and an application for an invention.

How does IP Prism help you with strategic pruning? It helps you by helping you determine which patents to let expire, where to stop investing in patents, and how to pursue those patents more effectively. This can done through the IP Prism Marketplace , which provides detailed information on the status of patents across industries, as well as analytics on how each patent portfolio is performing within that portfolio.

The use of AI-based scoring allows us to weed out patents that are no longer relevant while being able to focus on those that still have some value (such as utility).

There are many different types of patents including utility/non-obviousness/enabling (or just “non-obvious”), design, utility model, industrial design, and product design (as long as the product has been manufactured).

We also evaluate impassively for patents that can use for strategic purposes such as patenting companies or particular designs.

What is the purpose of a patent?

On the surface, patents can seem like a simple process. You file a patent application, you wait for it to reviewed by the Patent Office, and voila… you are done.

On the other hand, patents don’t necessarily provide security to your company. A patent application is merely a filing — and so far as the Patent Office is concerned, there’s no guarantee that your invention will actually deem novel enough for any sort of protection.

But what if you could get around that? If you could find a way to predict whether an invention would deem novel enough for protection?

IpPrism helps businesses do exactly that. It aggregates patent filings in one place and provides their users with automated scoring features to help them identify which applications are most likely to produce success for their companies.

Its users can then benefit from strategic pruning — evaluating which patents in their portfolio might not be necessary or worth pursuing anymore when it comes time to build their portfolios.

IP Prism’s AI-based scoring

IP Prism gave us a sneak peak of its patent scoring system and we’d like to give you a chance to learn more about it. We’re especially interested in the AI-based scoring that IP Prism uses for its portfolio pruning, because it may provide an important tool for managing portfolios, one that can support aligning a patent portfolio with current business priorities.

IP Prism’s patent scoring is based on scores from five different areas:

1) Patent quality-the strength of the “patent quality” score

2) Patent usage-the frequency of use (i.e., how many patents are issued per year)

3) Patent aging-the age of patents (i.e., how many years patents exist since their original filing date)

4) Company size-the size of the company in which patents are filed (i.e., number of employees per million gross revenue)

5) Financial performance-the profitability of companies in which patents are filed (i.e., net income per million gross revenue).

Strategic pruning

What is the purpose of a patent? Some would say it’s a protection against disruptive innovation, but that is only a portion of the story. A patent should use to protect valuable intellectual property and keep it out of the hands of competitors.

According to the latest International Patent Classification (IPC) filings , there have been over 5,000 patents issued in 2014 alone. The list includes patents for everything from solar cells and solar panels to genetically-modified crops and gene therapy.

But with so many patents in the world, what is it that has made some patents so valuable? And why are they ask to expire early?

It’s not just access to these IP threatened, but also how they are use by competitors. For example, a company called Patrinet worked with IP Prism in developing an AI-based scoring system for patent portfolio pruning .

Patrinet extracts assets from an IP portfolio using an algorithm developed by IP Prism and then assesses which patents are most likely to use by other companies or professions in the future – as well as regulatory compliance – before asking those assets to expire earlier than planned. It could also help companies avoid legal action if they use their assets before they’re legally due to use them.

IP Prism’s marketplace

Let’s start with a question most people aren’t aware of. The purpose of a patent is to prevent others from copying your product or service. In other words, it is meant to protect you.

However, their patents granted for reasons other than protecting you. It is due to the technology that you invented or the way that it works. These patents granted because they help protect customers. Who buy your products or services and the profits they earn from them.

IP Prism’s marketplace enables customers and suppliers alike to find innovative solutions for problems and desires. That no one else has thought of before solving problems like this on the Frontiers of Innovation through AI-based scoring. E-commerce platform integration, KYC/AML & compliance management solutions and other turnkey solutions focused on helping companies like yours do business in a more efficient way (and ultimately generate greater profits).

As a patent owner (and therefore a patent licensor) you can help protect your customers by placing restrictions on how others use your invention or service (e.g., “Give me exclusive rights not subject matter over here,” “Keep me out of this crowd over here ,” “Not post anything over here ,” etc.). This will make sure that customers are aware of when others have infringed upon your patented inventions or services. You can also prevent these infractions from happening at all by making sure your intellectual property portfolio isn’t overly large. This creates unnecessary costs and risks associated with redundancy and wasted effort when searching for problematic third parties. Who might be infringing on your IP rights.

Capitalizing on patents

Intellectual property is a crucial element of a company’s value proposition; it should treat as such by anybody who is serious about their business.

A patent is, however, different from other assets in the market. While other assets are only valuable when they can use to generate revenue, patents only become valuable when they result in billions of dollars in revenue. A patent may not be immediately profitable but is still important because it can add value to your company’s products and services.

For instance, a company that develops software for the hospitality industry might develop certain innovations that improve hotel occupancy rates. However, by obtaining a patent on these innovations and thereby protecting them from potential competitors, the company can trade off lost revenue from competitors who are unable to respond effectively or are unable to compete at all for the same reason: because they lack the patented innovation.

That means that it’s possible for a company to obtain a large number of patents without generating any revenue from them, but that doesn’t mean those patents don’t have value.

In fact, there are many types of patents that have high value: specific shapes or designs; methods or processes; systems or computer programs; or combinations thereof.

Letting patents expire

A patent is a piece of intellectual property that use to protect your ideas or processes. These patents generally issued after an application submission and granted by the US Patent and Trademark Office (USPTO). The USPTO determines if the patent should granty, or if it “exceeds the limits of the public utility.”

In this day and age, IP is becoming increasingly important in business, as companies are forced to rethink their business models in light of current competition from other companies. Some companies have found success by providing a more innovative solution to a problem facing their industry than what is currently available on the market. For example, one company provided an innovative solution for cleaning up oil spills by using tiny fish swimming around oil-covered surfaces to clean up oil spills.

Another company provided an intelligent thermostat with sensors that monitors temperature throughout the home and adjusts heating and cooling accordingly. When you read about these companies, you might notice that all of them had one thing in common: their IP. They all had patents for cleaning up oil spills through intelligent fish swimming around oily surfaces.

So how does this relate to strategic pruning? It all relates back to how important IP is in your business today, especially when it comes to patent pruning: it can lead you down a better path than just letting certain patents expire.

What makes IP Prism unique?

IP Prism employs AI-based scoring algorithms instead of humans making technical decisions like traditional patent decision-making systems do today (such as reviewing filings for suspicious filings). This allows us a much more accurate reading of each portfolio’s strategic value relative to its peers

Conclusion

The purpose of a patent is to maximize revenue for an inventor. A patent is to protect an inventor’s idea and make sure it can sell in future. The purpose of a patent is to protect your invention, not yours. Most inventors are not thinking about the long-term value of their inventions. They are thinking about making money now. Patent protection “the American Dream” or “the American Way,” but those things don’t make it better. No one wants to pay $100,000+ just because they saw something on television and bought a patent on it. The way we tax software developers makes them pay $40/year just because they wrote something that someone else patented years before they did anything with it.

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