{"id":55599,"date":"2022-11-03T00:00:00","date_gmt":"2022-11-03T00:00:00","guid":{"rendered":"http:\/\/35.208.6.27\/xlscout_new\/how-companies-select-patentable-inventions\/"},"modified":"2024-10-16T10:53:07","modified_gmt":"2024-10-16T10:53:07","slug":"how-companies-select-patentable-inventions","status":"publish","type":"post","link":"https:\/\/xlscout.ai\/it\/how-companies-select-patentable-inventions\/","title":{"rendered":"How Companies Select Patentable Inventions?"},"content":{"rendered":"

With increased competition and globalization, legal protection for inventions is becoming more important. After all, companies want to protect their rights and develop a strong intellectual property rights portfolio to gain a competitive advantage<\/a>. However, the desire for exclusive rights comes at a high cost. The R&D process, patent filing, and patent maintenance are all costly aspects of owning a patent. As a result, businesses strive to find the best patentable inventions that will provide the most value to them. The screening process and factors used by a company to select inventions that require patent protection are discussed further below.<\/span><\/p>\n

Phases of a Patent-Based Intellectual Property Asset<\/span><\/b>\u00a0<\/span><\/h2>\n

The journey of an invention to becoming an IP asset is divided into three stages:<\/span>\u00a0<\/span><\/p>\n

Phase 1: Choosing an Invention<\/span><\/b>\u00a0<\/span><\/h3>\n

Companies in the technology industry are flooded with inventions awaiting patents. Given the limited resources available, it is critical to identify those that will be most profitable and align with the company’s goals and vision. Generally, the company’s selection process should include two types of analysis: IP analysis and business analysis.<\/span><\/p>\n

1. IP Analysis<\/span><\/b><\/h4>\n

IP analysis is a set of steps taken to assess the patentability of an invention. Subsequently, to be patentable, it must fulfill the requirements of being novel, non-obvious, and commercially usable.<\/span>\u00a0<\/span><\/p>\n

A prior art search is conducted to reveal any prior references to the invention in public knowledge in order to establish novelty. This falls within the scope of patentability search<\/a>, which is an important component of the IP analysis stage.<\/span>\u00a0<\/span><\/p>\n

A patentability search, also known as a novelty search, determines whether an invention qualifies for a patent. Chiefly, it identifies patent and non-patent literature that could be relevant to the current invention. Because patentability searches are time-consuming and require expert intervention, specialized firms are frequently hired. XLSCOUT\u2019s<\/a> AI-based novelty search tool- Novelty Checker<\/a> is helping to achieve the feat.<\/span>\u00a0<\/span><\/p>\n

The Advantages of the AI Platform are:<\/span><\/b>\u00a0<\/span><\/p>\n