The time has finally come. You’ve legitimized your idea, you’ve established the value of your patent and you have your Patent Rank Badges. Now comes the opportunity to make some decisions and plan out a strategy for how to proceed. You may have already done this, and if so we applaud you; however, we are confident that by delving further into the Patent Rank data we provide, you’ll be able to make more informed decisions regarding the immediate future of your innovations. How do we do this you ask? It begins with breaking down the Patent Rank itself. Like we have discussed previously, the Patent Rank Badge not only assesses the value of a patent, it identifies its position within the entire United States Patent and Trademark Office (USPTO) patent network and within its own respective technology. These are invaluable pieces of information because they are based on a relevant scale that takes into account a comparison across the board – very similar to the traditional FICO® score. In addition to the Patent Rank Badge itself, we utilize computations that assess value over time – referred to as Predicted Lifetime Value (PLV). With Patent Rank, we do this through Schumpeterian shocks, which are economic shocks to the market that can be uniquely described based on their intensity, time of intensity, duration, and total volume. Let’s dive into this a little further.
Patent Rank as an indicator of Schumpeterian shocks
What Predicted Lifetime Value does for you:
Knowing and understanding the PLV of a patent is a quintessential part of the Patent Rank system. It lets you as the consumer know just how much any given patent could be worth over the entire duration of its life. As mentioned in the Kary Mullis example, having this information in many cases can lead to the discovery of unprecedented value. Without it, decisions are often made based on assumptions or unverified predictions. Sure there are others out there providing value prediction services. Some of them even do it very well. The area where they fall short however is that we are the only ones with the patented methodology to determine the current and future value of a patented innovation. Because of this, we can help you decide if your innovation is worth holding onto, selling or milking for all its worth. Where others make recommendations, we make decisions. Think about that next time your considering taking your ideas to that patent lawyer who is friends with your sister-in-law.
Actuating Device for Windshield Cleaners, patent number 1,387,598:A patent covering an invention to wipe a vehicle’s windshield.
Gallagher and Dawsey