IN THE REALMS of big data, analytics, competitive intelligence, and intellectual property--and emerging tech trends related thereto--there is extreme opportunity loss by investors, businesses, and industries at large not appreciating or understanding the importance (and power) of "parlaying patent activity trends into profits"--or even how to achieve that relative new IP intelligence software fostering this kind of opportunity. This according to patent attorney and IP authority JiNan Glasgow George, a former U.S. Patent and Trademark Office examiner and engineer turned patent forecast software developer, who asserts this is a realm not being fully explored, exploited, nor certainly comprehended by the corporation, entrepreneur and investor masses.
With "industry insider" perspective, George has launched an intellectual property patent forecast software that leverages machine learning to uncover silent trends sweeping the business landscape, revealing who is filing patents, when and in what sectors, thus helping investors detect early-stage shifts and pinpoint other marketplace trends.
The Patent and Trademark Office issued its 10,000,000th patent number in June 2018. In 2019, USPTO issued the most patents ever in a single-year period--330,000+. As the pace of patent filings quicken--noting that it took fully 121 years to issue the first 1,000,0000 patents but only three years to move from 9,000,000 to 10,000,000--businesses that understand how to analyze, identify, and capitalize on various intellectual property trends dramatically can hasten and increase value creation, and valuation, within their companies.
"Intellectual property is not just an idea, concept, or invention, but rather a financial asset that can render tangible results," notes George. "Organizations need to shift their mentality away from patents being seen as merely a way to protect their own idea, and instead regard them as a means to grow a business and create wealth through intellectual property-driven analytics and key business assets that generate revenue. This can include analyzing the competition through a uniquely telling lens, deciding which products to build next, identifying 'white space' industry opportunity, and more."
Below are three of George's key reasons why analyzing patent trends can pay off in a big way:
Enhanced competitive intelligence. Did you know that large banking institutions like Bank of America and payment card companies like Mastercard and...