Investing in R&D helps you to bring customer specific new products/technologies into the market. It keeps your presence strong among the rising competition in market. However, before investing in R&D you must hire patent watching services.
It keeps you aware of your competitors IP activities. Thus, you get a clear insight of what competition you will be facing in market. This information helps to invest your resources in right direction. This article will increase your wisdom on, “How to use patent watching services, to remain competitive?” So keep reading.
Also read: Patent Drafting: How to do it?
Patent Watching – How it is done and benefits?
When we talk about patent watch, then it means having a complete eye on a certain technology/patent of your interest. You get the complete monitoring over a patent for the time period you choose. Under patent watching, you get the reports of following things –
- IP activities of your competitor over the technology of your interest.
- Patent litigation activities concerning your domain.
- R&D activities of your competitors.
- Patent transfers and monetization activities.
Further, patent watching gives you the list of all the currently existing patents similar to your patent. Thus, if those patents are registered before your patent, you can save yourself from getting sued on point of infringing others patent rights. And if you are about to invest in new technology, then you can simply avoid it, if it is already existing.
However, if your patent is registered before the other similar found patents, you can sue the owner of those patents for infringing your patent rights. To settle the case you can ask for monetary compensation.
In patent watching, you get the complete details of above points. Utilizing those reports, you can decide your course of action and invest in the R&D that seems best to you.
Patent Watching – What are its different types?
Mainly, there are two types of strategies employed by businesses to conduct patent watch –
- Patent watch concerning a specific technology
- Patent watch concerning a specific competitor
Let’s discuss them below:
Patent watch for specific technology –
This type of patent watching is used when the company is interested in the technology of its own interest. Usually, it is for a specific technology on which the company is looking to invest in R&D.
So, before investing in R&D, you get to know about all the prior arts of this technology, current developments if any, what all are the companies that are developing the similar technology and other necessary details. It helps you to decide, will it be worthy to invest in this technology or not.
Patent watch for specific competitor/s –
You can take the help of this patent watching service if you want to get the complete IP activities of your competitors in same field. It will aware you of what new R&Ds they are doing, new patents they have published, new patent applications they have filled, office actions received on those applications etc.
All this will enable you to get the idea of your competitor’s strategies. You can thus counter their strategies with more effective decisions to outclass them in the market.
Whom to trust for best patent watching services?
As you have read above, patent watching services, helps you to stay ahead of your competitors. It keeps you in eyes of customers in market. But for that, you need to get accurate watch reports, so that you can take correct decisions in right direction. This is where the assistance of experience professionals like, “Patent Paralegal Force” is helpful for you.
Working with 10+ years of experience in this field, we have helped clients from 100+ countries in taking their business to new heights. We touch every existing technology domain, and monitor 100+ tasks in a week. You get all your reports timely in the minimal price available nowhere.