INTRODUCTION
Discovery is an important concept
for an inventor or entrepreneur. At the earliest stages of the invention
process, a vision of a future product and business may be in mind, but it
remains to develop an innovation that can form the basis for an invention that
can be legally protected and products that can be manufactured and sold.
The purpose of research and
discovery is to find one or more solutions that are new, unique, innovative,
and suitable for legal protection in the form of one or more patents.
Inventors may have innovative
solutions and inventions in mind very early in the ideation process. However,
it is not as easy to be certain of their uniqueness or usefulness.
Indeed, based on the author’s
experience, the likelihood of an innovation being truly new is directly
proportional to the amount of research and discovery that was undertaken; that
is, only through diligent efforts of research and discovery can an inventor
arrive at high certainty that the innovation will result in a useful invention.
No matter the degree of certainty
maintained by an inventor, the processes of research and discovery need to be
executed faithfully to develop the evidence and proof of uniqueness and
usefulness to third parties (e.g., founders and investors).
MULTIPLE
SOLUTIONS TO A PROBLEM ARE HIGHLY PROBABLE IF NOT CERTAIN
It may be that a vision can be
sustained by more than one possible solution, so in thinking forward to
creating a business with high sustainability and value, it behooves the
inventor/entrepreneur to secure any viable solution so that the eventual new
venture has the maximum opportunities within the marketplace.
Thus, finding all potential
solutions requires research into what already exists in the form of existing
patents that may be acquired or licensed and also defines the “territory”[1]
that is protected by that patent. That information is needed so that organic
development activities can take place in territory that is not protected by the
inventions and patents of others. Thus, solutions may be either acquired or
developed organically. An organic solution is derived solely or mostly from the
independent work of the inventor or inventors.
Acquiring a patent from another
party may be impossible if that patent is owned by a company that is in the
business of developing products that depend on that patent. In cases involving
university or government research, securing a license is possible if one has
not already been acquired under an exclusive license with another party. Or,
even if it’s available and licensable, the licensee expectations for
remuneration may be judged to be too great. However, many licensees are
flexible, so if the patent is important enough to the expected new venture, it
may be momentarily secured or fixed through a short-term agreement with the
licensee to not license to another party in return for a nonreimbursable
retainer/fee.
The permutations possible for
securing available patents are numerous, and the entrepreneur needs to be
prepared to both find available patents, whether interfering or supportive, and
cope with licensor requirements. The important point to remember is that other
potential solutions need to be researched and understood for their impact on
the entrepreneur’s plans and the inventor’s perception of the innovativeness of
his/her idea and target invention. It is also good to remember that at a future
point in time, investors will be conducting due diligence and asking questions
about potential competing technology.
ORGANIC
INVENTION AND INNOVATION
The more likely situation for most
entrepreneurs and inventors is that they have an innovative idea in mind based
on their knowledge and experiences within a specific area. They may be
technology experts in the area and already have sound reasons for believing an
invention may be at hand. The patent research discussed above in the context of
potential acquisition is an essential first step in discovery even if there is
no intention to acquire a patent from another party.
The principal objective in this
initial research-and-discovery period is to determine that another party has
not already accomplished the innovation. Part of this research is in relation
to technology and patents as discussed above. The other part of research involves
the exploration of public disclosures made by others that could be found in
publications (trade magazines, magazines, journal articles, etc.), the websites
of expected competitors, and blogs and sites found on the Internet.
Between the problem and opportunity
discovery and the efforts described herein, a good and ideally excellent
understanding of where innovation potential lies should be at hand. Often, and
especially when more than one inventor or entrepreneur may be involved, it is
useful to brainstorm about the problems, environment, existing solutions, and
probable solutions. The purpose is to broaden thinking, explore potential
solutions, and begin to define the fundamental elements of one or more
innovations in anticipation of the coming efforts to define an invention. It
would not be unusual to see an idea and innovation become modified in important
ways to make sure that an invention is more likely to result in a granted
patent.
SUMMARY
During the early period of time when
ideation, invention, and innovation are fervently being considered by an
entrepreneurial team it is vital to comprehensively conduct research and
discovery to ensure that ensuing patents, whether organic or acquired, are more
likely to be robust and valuable. Value of course accrues from the ability of
the patent to provide one or barriers of entry to potential competitors.
Footnotes
[1] Territory, in the context of the
present discussion, refers to the ideas, thoughts, applications, etc., as
delineated by the claims of a patent, primarily, but also as may be revealed in
any other parts of the patent. The territory defines those areas that are, in
essence, off limits to the inventor.
***
Rocky Richard Arnold provides strategic corporate and capital acquisition advice
to early-stage companies founded by entrepreneurs wishing to successfully
commercialize high-value-creation opportunities, ideas, and/or technologies.
More information about Rocky can be found at www.rockyrichardarnold.com. His book, The
Smart Entrepreneur: The book investors don’t want you to read, is
available for purchase on Amazon at http://tinyurl.com/pv248qq.
Financial software for use by startups can be purchased on Amazon at http://www.amazon.com/gp/product/B00K2KPSI2. He
posts articles about entrepreneurship on his blog at http://thesmartentrepreneur.blogspot.com. Connect
with Rocky on Twitter @Rocky_R_Arnold; Facebook at www.facebook.com/rocky.r.arnold; Google+ at www.google.com/+RockyArnold01.
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