3 Steps to Protect your Critical Inventions in 2022

Summary

To protect critical inventions in 2022, companies should strategically build a robust patent portfolio by identifying and patenting core technologies and high-value inventions, utilizing provisional patent applications for quick protection, and being vigilant about public disclosure to secure patent rights.

Abstract

The article emphasizes the importance of a strong patent portfolio for technology companies, as it serves as a protective measure against competitors copying valuable inventions and can be a significant asset in attracting investors and top talent. The construction of such a portfolio requires intentionality, involving the protection of both current and future key inventions. The process is outlined in three actionable steps: firstly, to evaluate and secure patents for core technology and inventions with high potential value; secondly, to use provisional patent applications as a swift and cost-effective method to establish early filing dates; and thirdly, to implement systems that ensure inventions are patented before any public disclosure occurs, such as at trade shows or through publications. The article concludes by encouraging companies to prioritize the identification and protection of their most valuable inventions as a critical business strategy for 2022.

Opinions

A strong patent portfolio is crucial for technology companies to maintain a competitive edge and protect their innovations.
Protecting core technology and future valuable inventions is essential for a competitive advantage.
Celebrating and rewarding inventions can help in attracting and retaining top employees.
Provisional patent applications are a recommended tool for quick and cost-effective early protection of inventions.
Companies should be proactive in identifying key inventions and securing patents before public disclosure to avoid losing patent rights.
Prioritizing the protection of valuable inventions is seen as a critical goal for businesses in 2022 to safeguard their research and development investments.

3 Steps to Protect your Critical Inventions in 2022

A strong patent portfolio that protects an organization’s most valuable inventions is critical for technology companies, which rely on inventions to survive. Without a robust portfolio of patents, your company is exposed to risks from new competitors that can freely copy your unprotected inventions.

A patent portfolio provides a competitive advantage by excluding competitors from using your patented inventions and may attract investors who demand valuable intellectual property assets.

If you take steps to create an invention culture that celebrates and rewards inventions, it can help attract and retain top employees for your organization.

Strong and secure patent portfolios don’t just happen. They’re built.

These portfolios are built on purpose by strategically adding high-value inventions. If you need to start building or expanding your patent portfolio, here are three steps to get started in 2022.

1. Protect the Right Inventions. A valuable patent portfolio includes patents covering core technology as well as future ideas and inventions that are important to competitors. Use specific criteria to evaluate inventions based on current business value, feasibility, and lifetime value.

Action Step: Review your current patent portfolio to be sure all of your core technology has been protected. If not, take action to protect those critical inventions.

2. Use Provisional Patent Applications to Quickly Protect Inventions. Establishing early filing dates for your inventions is important in the United States. Provisional patent applications provide fast and cost-effective protection for valuable inventions.

Action Step: Identify inventions your team has developed recently, prioritize those inventions based on their business value, and quickly file provisional patent applications covering the highest priority inventions.

3. Watch Out for Public Disclosure. Implement systems to identify important inventions so you can secure your patent rights prior to public disclosure, such as trade shows, white paper publications, and press releases.

Action Step: Identify upcoming public events and be sure you have protected any inventions being disclosed publicly. If necessary, protect those inventions quickly using a provisional patent application.

Set a goal for 2022 to identify and protect your most valuable inventions. These are critical business assets that demand your attention. Protecting your inventions can provide a competitive advantage and prevent others from stealing the results of your research and development.

The three steps described in this article will get you started.