Strategic Patent application preparation and filing

The factors that go into the preparation and filing of a strategic patent application include

1) Awareness of the state of the art

2) Analysis of competitors patents, products and initiatives in various markets

3) Identification of strategic patentable features to be covered in the patents

4) Preparation of the patent applications based on the above in the legal language with necessary technical details

5) Preparation of formal drawings that comply with patent office regulations to avoid subsequent penalties and delays from the patent office

6) Preparation of required forms and computing the fees to be paid to avoid subsequent penalties and delays from the patent office

7) Filing the patent application in person with fee at the concerned patent office of jurisdiction

Benefits of strategic Patent Protection

The benefits that companies can derive from strategic patent protection, include

1) Protection for the invention by securing priority date
2) Confidence in disclosing to 3rd parties – clients, business partners, investors (with or without NDA)
3) Enhanced Brand image
4) Enhanced Valuation of company
5) Licensing revenue
6) One time sale – Assignment
7) Competitive edge
8) Security from potential lawsuits, bargaining tool in licensing or litigation negotiations

These benefits can be realized only if the patent is prepared and filed in a strategic, detailed and timely manner. The process of patent application preparation has to be based on a thorough application of technology, legal as well as business concepts to provide the above mentioned benefits.
The patent contains technical information and drawings, is drafted in legal language, and is leveraged as a business tool for competitive advantage and licensing revenues.