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How Is Patent Mapping Important for Business-Owners?

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Patent mapping is a method using which business-owners can identify potential patents in technology space. It involves collection, analysis and visualization of patent related information. This guide will brief you more about patent mapping and how it can be useful for your business.

What Is Patent Mapping?

Patent mapping is an analysis, which uses human intelligence and computer to identify and extract valuable information. It provides an insight of the innovations underling various products and technologies. Such an analysis includes technical references and analytics using which technological, business and legal information can be extracted.

Such information is highly valuable to investors, research institutions, universities, startups and large corporation. Patent mapping helps the mentioned parties to understand and take decisions on whether they should be investing their money and time in product and technology development opportunities or not.

Use of Patent Mapping

In this regard, it is crucial to mention the role of patent/technical professional who understands the mentioned principals of intellectual property management. Such experts have adequate knowledge and understanding of asset management laws.

Such information can be highly valuable for the end users and provides them actionable and valuable information pertaining to patent development. The information generated from patent mapping is used for generating novel technology, for identifying possible technologies or companies to acquire or license, for identifying if the underlying patent idea has already been used by someone or not.

Role of Patent Mapping in Business

  • Patent Helps in Predicting the Future

Sometimes success requires business professionals to see ahead in business environment. Patent mapping can help business-owners to foresee prospects of a patent in a particular business domain. In case, patent mapping concludes that the underlying idea doesn’t have any economic value or the idea has already been used, business-owners can invest their crucial time and funds for developing different idea/plan.

  • Useful in Identifying Prospective Business Opportunities

Patent mapping can give an insight to business-owners about potential business opportunities in terms of licensing opportunities, mergers/acquisitions, partnerships etc. By doing complete study of on-going patent registration trend, patent analysts can help business-owners to know about prospects in a particular domain.

This way, marketing, human resource, commercial strategy teams of a business establishment can know what developments and changes are going on in competitors’ teams. This in turn can help in improvement of own business areas and processes.

  • Helps to Gain Legal Knowledge on Patents

Though you can always take advise of intellectual patent lawyers to know if an underlying idea is legal or not. However, patent mapping can give you complete idea on all legal aspects related to patent filing, patent name and logo identification etc.

Such information can be very useful for business-owners as a patent idea is not recognized till the time it is registered. In accordance to the information given by patent analysts, business-owners and executives can identify and understand the risks and challenges existing in an underlying patent idea.

Conclusion

Hope this guide will help you to understand the role of patent mapping in business organizations.