Protect Your Patent by Watching Competitors

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How do I protect my issued patent?

Protect Your Patent by Watching Competitors

Once you have received an invention patent you should consider it like any other valuable object you own. Many experts recommend that you consistently watch competitors in your field as they are some of the likely infringers of your patents. Even if it's an unintentional infringement, you will be the one who needs to remedy the situation. Sometimes the act of gaining knowledge about one's competitive landscape is called competitive intelligence.

Many professionals can help you in your gathering of competitive intelligence including a patent lawyer, sales professional, invention promoter--even a private investigator. You should consider spending some time considering the best strategy for you to conduct the analysis of your competitive landscape. It may even help you avoid accidental infringement of the patents of others, as well as guide your continued product development research. Without this specific knowledge, you might spend a fair amount of time and money inventing new ideas that are already patented.

Analyzing the competition is always a good business decision as it will likely lead to new customers. However, one of the best reasons to create a competitive intelligence program is because you might also discover a company who wants to license your invention. This arrangement allows another company to sell your product or use your invention in exchange for paying you ongoing royalties. In this type of arrangement, you won't have many of the start-up costs of taking a product to market so you can focus more attention on your next invention.

   

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