1) Perform the market evaluation
a. An industry evaluation is the initial step towards taking decisions whether or not to jump in to the market or otherwise. In market evaluation companies must consider the amount of products already exists out to understand how crowded the chance is. Companies should also consider do you know the features within the products and find out if some white-colored spaces available. You will find quantity of distributors on the planet who sells products, companies should have data of those distributors and seller companies to understand how they will distribute the merchandise when they allow it to be. There are lots of additional factors which may also be consider like – By which countries which goods are effective and what’s the present and future market potential from the product for the reason that country, also do you know the regulatory norms of the particular country if your product needs to be launched etc.
2) Do patent landscape
a. See what’s there within the patents market. You will find quantity of technologies there that are still readily available for licensing and a few are now being already licensed. Try to determine some trends i.e. past, present and future trends. Observe that there’s less likelihood of getting observed if you are using past technologies. Also see if you’re purchasing present technology what will probably be your timeline of creating the merchandise, make certain that whenever you launch the merchandise it ought to satisfy the standards from the technologies of this time, not of times whenever you made the decision to take a position. Make certain that you simply always eye on future technologies as well as investments already moving in these technologies.
b. See if you discover any strong patent in business and also the patent continues to be readily available for licensing. Search for any merger or perhaps an acquisition or licensing of this company. This will strengthen your company reducing R&D costs of development.
c. Observe how major players on the market pursue we’ve got the technology advancements. Internet site old technologies but still generating revenues? OR they’ve quickly switched to newer technologies. See should there be any beginners intending to come on the market or otherwise.
3) Search white-colored spaces and evaluate their possibilities and charges
a. Observe how crowded the patent landscape is. The number of players happen to be there with the number of patents? Observe that many patents will raise the possibility of getting patent lawsuits later on. Perform a freedom to function search prior to launching the merchandise to avert this possibility. Through categorization of patents determine where patenting activity is less and the best way to make use of the white-colored spaces available. Here, we must make certain that working out white-colored spaces doesn’t be certain that you product will sell. You need to concurrently determine market potential of this white-colored space.
b. Begin to see the SWOT from the patent landscape, with the aid of the SWOT analysis you will be aware what could possibly be the factors such as ecological, social etc. which could effect/make strong your advancement particularly technology.
c. Calculate the expense of R&D efforts.
4) Match the marketplace evaluation and patent landscape results
a. Match white-colored spaces from each.
b. Find out if the match takes leads to fruitful directions or otherwise. Otherwise try to determine why the outcomes aren’t matching. Might be companies with bigger portfolios within the technological area continue to be not active/haven’t any product on the market.