Yes! Why not? And it’s not just one strategy, but several. The strategies related to the patent each help to maximize the benefits. What are they?
Main strategy
It is worth knowing which form of protection we choose for our intellectual product because different rules apply to each. In the case of our latest punk-notes, it may be clear that it will fall under copyright regulations, but when replacing Marten’s boots with a suit, we might also need to make a decision regarding a logo, slogan, or brand name. And what about know-how? Our intellectual products are fundamentally subject to copyright or industrial property regulations. Within industrial property, we can talk about the most well-known patents and trademarks, as well as the less known designs and utility model protections, and geographical indications protection. Every protectable intellectual creation or product must be classified under one of these. How would each form of protection behave in our business? It certainly depends on whether: The duration of protection is important? The simplicity of the application? The maintenance fee? The possibility of challenge? The validity area? Which form of protection is regulated by which law or regulation? Well, into this picture… Well, throwing intellectual creation into this question arena without a strategy would be foolish! A strategy is needed here, not just one!
Reporting strategy
Here we determine the appropriate form of protection. If the intellectual creation is specifically that ‘machine’ type of thing favored by engineers, we usually also recommend developing a utility model protection in addition to a patent application. This latter procedure provides almost immediate protection for the prototype, but only for 10 years. If the immediate protection is already in place, acquiring a more lengthy patent protection can later provide 20 years of protection due to the procedure. If we inform the authorized patent attorney that there are still research tasks remaining, we can enjoy the advantages of internal priority for up to a year.
Marketing strategies
In the marketing strategy, alongside the estimates necessary for the commercialization of the invention, we need to know the final forms of protection. Specific timelines and action plans related to market entry align with this.
Market’s marketing-strategy
It matters when and how receptive the market is to the invention. That is, according to the product life cycle, we expect to realize the benefits during the rising, stagnating, or declining phases of demand in our market. It is also important how likely it is that a larger market player will start to draw customers away with a substitute product based on our invention years later.
Brand marketing strategy
The brand strategy, that is, the brand strategy is closely related to the exit strategy and the financial strategy, as the book value is always the basis when selling a brand, yet the value of the brand can significantly multiply the formula.
We need to be able to assess how much quality added value the trademark or other form of protection gives to our product, that is, where the product can be positioned. This also answers one of the fundamental questions of pricing. Does our trademark sufficiently distinguish our product from others? Is it effective enough? Is it memorable enough? The answers must be written down, and the ways to achieve them should be recorded in the brand strategy.
Territorial strategy
Geographical planning is the art of adapting to target markets. On one hand, it raises procedural questions, and on the other hand, cost questions regarding how well we know the official administration of the countries representing our market. There will be countries where protection simply isn’t worth it right now, but we might be able to manage it later. There will also be countries where we will never enter due to manufacturing volume, taxation, or for example, environmental regulations.
Entrepreneurial strategies
Secret strategy
This also applies to the smartest inventor: KEEP YOUR MOUTH SHUT! Indeed, we can put ourselves in a difficult position regarding the future ownership of our idea if we blurt out the details of the solution. We must be especially careful, as there are those who are inspired just by the basic problem being raised and quickly come up with ready-made inventions. It’s enough if our competitors only find out during its use how big of a splash we have prepared up to this point.
Dominance strategy
This is the rule of stronger dogs: the R&D departments of truly large market players have rapid response mechanisms that face no obstacle caused by the costs of submission procedures, the making of swift decisions, or their quick execution. And of course, they will not push our nearly perfect invention that enjoys patent protection out of the market with a similar substitute product! If there’s a risk of that happening, it doesn’t hurt to be cautious!
Financial strategy
The business must be aware of the costs associated with the submission and maintenance of various forms of protection. The costs of return on investment and leasing will also depend on this in the future, which will affect the profit. The financial plan is part of the business plan.
Exit strategy
The invention may be eternal, but the owner of the patent expecting benefits is not necessarily so. A patent is protected for 20 years. But what if we want to ‘cash out’ on the benefits before then? The CD, which made cassette tapes obsolete, was a comet not long ago, but its shine did not last for 20 years. If we had been in the position of the patent owner of the CD when USB drives appeared, sensing the wind of change quickly, we would have thought: ‘We should sell the whole thing quickly while it still has a good price.’
Many people already know when they will sell their invention at the time of patenting. Their exit strategy is better than someone who has none.