Week 3 Discussion: Setting Priorities
For this discussion, we will be focusing on practical considerations and the cost of doing business. Make sure to review the Forbes article on determining patent value and chapters 6 and 7 from the patent strategy implementation guide textbook reading for this week prior to responding in the discussion thread.
When seeking invention patents there are several considerations that determine the order and type of patent that should be sought for each invention. All patents should be unique, but some are for items that would be new to the marketplace, while others enhance or improve upon products that already exist. Others provide a newer and ideally better solution to a problem that already has some solutions available. Businesses need to consider regulatory challenges, competition, customer preferences, potential profitability, and how long their advantage over their peers will last if one patent is granted versus another.
Place yourself in the shoes of a patent engineer manager and provide responses to the questions listed below:
1. Before a decision is made about whether or not to pursue a patent of an invention what are some relevant factors to consider?
2. How can you determine the functionality and the usefulness of a product?
3. How do you determine the potential market share and profit potential of a product
4. How do you determine the likely manufacturing cost of a product’?
5. What are the potential benefits and drawbacks of seeking patent protection for an invention?.
In your two responses to your peers, respond to your peer’s analysis and response, and discuss how they are both similar and different from yours. Follow up with your own post regarding the same.
The description above is for the initial response for the discussion. There are 2 replies required which I will be posting in the comments below.