There are several foundational elements for strategically prosecuting and acquiring patent applications for tech startups. Patents are one of the most valuable assets for growing startup small businesses. These forms of intellectual property (IP) give new companies unmatched value and tremendous competitive advantages. Of course, securing a patent for a novel invention, process, business idea, or model isn’t always easy. So, startup business owners – like yourself – need to implement proactive, focused, and specific strategies to ensure success. Led by experienced patent attorneys in Las Vegas these prosecution strategies help you approach IP acquisition with a series of smart, clear steps. Read on to learn about the strategy to prosecute patents for tech startups.
Determine Appropriate Jurisdictions
Kickstart your startup patent prosecution strategy by determining the appropriate filing jurisdictions. When planning jurisdictions, think of specific countries, regions, and parts of the world where patent protection will be required. For US-based startups, IP defense is most commonly needed in the United States, Europe, China, or Japan. The right jurisdiction ultimately depends on where your core target audience is. Also, you need to think about what markets your competitor operates within. That way, you can enforce strong intellectual property rights in these nations. Definitely, determine the appropriate jurisdictions in the first step of your startup patent acquisition strategy.
Assign Ownership Rights
Next, assign the startup patent ownership rights needed for protection. For startups, it is highly-advised to file the patent under the name of your business entity. Too many companies file in the name of a specific innovator, business executive, owner, or employee. Unfortunately, this can lead to serious difficulties, fights, and issues if somebody decides to unhappily leave the business. Problems can arise even with non-disclosure agreements in-place. Absolutely, assign ownership rights and roles as part of your startup patent filing strategy.
Calculate Value-Added To Business
From here, work collaboratively with your USPTO patent lawyer New York to calculate approximate value-added to the business. Envision how patent protection can add to your startup’s business model, value, or overall reputation. Patents should highlight that your startup is an experienced, serious, reputable, and established vendor in the field. Value added is always stronger in industries that aren’t already crowded and saturated with comparable prior art references. After all, competition and alternatives are much fiercer in these markets. Indeed, calculate how patent for startup businesses can add value to your growing company.
Plan Revenue Generation Models
Now, you are ready to plan revenue generation models that can monetize your startup patent assets. Monetizing your intellectual property portfolio is a great way to offset the costs of patent drafting, filing, and prosecution. You may even earn some extra profits in the process. Think of how to produce licensing or exclusive use income from your earned patent assets. This way, you can consistently achieve strong return on investment (ROI) on your patent portfolio. If this revenue eventually dries up, you can sell your entire patent for a lump-sum fee. Surely, devise revenue generation models when working on your startup patent prosecution strategy.
File Aggressively With The USPTO
At this point, it is time to aggressively and strategically file your startup patent with the USPTO. Your patent practitioner will start by determining what kind of application is needed. Design or utility patent protection is generally most applicable for small business startups. Once you decide on the required type of protection, you’re ready to start compiling your application. Your USPTO-certified attorney will help you significantly throughout this process. This way, you can ensure all your application specifications, drawings, fees, and blueprints are all submitted properly. Certainly, aggressively filing is a key ingredient for your startup patent strategy.
There are several important elements in a startup patent prosecution strategy. The best online patent attorney Austin TX will begin your filing strategy by determining the appropriate jurisdictions. Next, they will assign ownership rights to startup business owners or key innovators. From here, you can work together to calculate the approximate value-added to the business. You should also think strategically to discover, plan, and implement new revenue generation models. Then, your experienced lawyer will help you file aggressively and strategically with the United States Patent and Trademark Office. Follow the points above to learn about the strategy to prosecute patents for tech startups.