The Power of Rankings
We rank everything. Rankings influence perceptions and drive decision-making. People magazine ranks the “Sexiest People Alive.” Business Week ranks the ���Best Places to Live”. U.S. News and World Report ranks the “Best Universities”. Forbes ranks the �����Riches People in America”. The BCS ranks the best college football teams. Google ranks search results. Rankings matter. This is why we have developed Patent Rank™, to objectively define the value of patent innovations. As Google has used rigorous mathematics to bring ‘order to the web’, we propose that Patent Rank will bring order to the patent-valuation problem. With our Patent Rank algorithm, we are able to assign a Patent Rank score to every patent within the entire universe of United States patents and we are able to update this score as the U.S. patent network grows (growing by about 250,000 patents each year). This has never been done. It is our assertion that Patent Rank will soon become the dynamic “FICO® score” within the patent world enabling interested parties to make more informed decisions regarding their intellectual property. We anticipate that one day Patent Rank will become part of business vernacular among inventors, investors, and lawyers and in boardrooms.
According to the U.S. PATENT AND TRADEMARK OFFICE, there were 63,276 total patent grants in 1982
U.S. PATENT AND TRADEMARK OFFICE
So what does this all mean? As previously mentioned, we view Patent Rank as the ���FICO® Score” for Patents. To do this, we take fundamental math, pair it up with a complicated algorithm and translate it into a simple, easy to understand score: A Patent Rank. In it’s most basic form, a Patent Rank is computed through four general steps. First, all prior and subsequent art related to the patent being evaluated is identified and cited. This art includes all work that the patent under evaluation has identified as a prior source of reference, or any subsequent patents that cite the evaluated patent as a reference. We refer to this as the citation process. Second, a patent network is created based on all of the identified backward and forward citations. This network theory is a type of graph theory that maps a network structure based on a defined association (link) between patents (nodes). Once a patent network has been created, the math comes into play. Here we use eigenvector centrality (a really big word for intrinsic value) and Schumpeterian shocks (a process used to calculate present and lifetime value) to arrive at a computation that, wait for it. . . determines your patents value!
Lets take a step back for a minute. Citations? Eigen-what? To the average Joe, this can be more than confusing. This is why we have developed a system that does all of the hard work behind the scenes and presents value in an easy to understand score. The Patent Rank system utilizes these quintessential calculations to determine the true intrinsic value of your intellectual property.
Patents Rank as an indication of Value
Patent and entrepreneurial innovation is changing the way business is conducted in today’s global economy. Objectively assessing innovation as radical and thereafter appropriately managing it as such is the essence of successful business venturing. Whether the venturing is internal or external, insights from this research can help decision makers appraise patent innovations in a nonpartisan manner. Patent Rank coupled with nonlinear models provides a method to use market information about the patent network to assess individual patents and patent portfolios. Patent Rank promises to deliver transparent and objective patent-network dynamics, which will enable more informed decision-making. We deliver a unique, one-of-a-kind, methodology that will determine value objectively over time, and in turn, help you take the next steps towards unlimited success and potential.