Market for your discovery? Patent landscape analysis, research can

Our Innovate Carolina team checked in with two experts who have experience with market research and patent landscaping to learn more. We spoke with Theo Dingemans, PhD, professor and associate chair at the Department of Applied Physical Sciences, and Cindy Reifsnider, director of research and impact at Innovate Carolina, to dig into the benefits of pairing patent landscape analysis and market research.

1. What is the difference between patent landscape analysis and market research?

Theo: From my perspective they go hand in hand. If we develop chemistry or technology we believe is novel and could be patented, we’d like to understand what the potential value of our intellectual property (IP) is in the marketplace, and if we’re able to obtain a patent that potentially has value.

Cindy: Patent landscape analysis uses the published patent literature as its source material, while market research examines customer/end-user data and feedback directly from consumers or via professional analysts’ perspectives. The two techniques can bring together technical, usage and perspectives on positives and negatives about ideas, products and services.

2. Are these tools useful for startups, technologies or both?

Cindy: Yes, they are useful tools for both and provide key input into decision making about how to reach commercialization (startup or licensing), key characteristics to pursue for novelty or filling a niche for end-users and more. They can save you time and money when you learn that something already exists or that it doesn’t fill the needs of the customer. And they can accelerate your time to market by showing you the roadmap to novelty or partnerships.

Theo: They are very useful as it will help you know where to go with this new technology. Do you want to go the startup route, or does it make more sense to partner with a large or small industrial partner?

“We bring our knowledge and experience in patent analysis and market research to partner with faculty, saving them time and distilling data into tangible, easy-to-use reports.”

Cindy Reifsnider, Director of Research and Impact at Innovation Carolina

3. When’s the right time to get started with patent landscape or market research?  

Cindy: It’s good to start when you’ve formed an idea. And it’s also good to iterate later as you reach new milestones in development and in the path to commercialization. Different types of questions can be asked and answered at different stages, and the answers are equally useful.

Theo: Immediately, when you realize that you have a new invention in hand. Is it patentable and is someone out there who may be interested in your technology?

4. Why is it smart to conduct patent landscape and market research analysis at the same time?

Cindy: Having both perspectives is useful. One tool can reveal input to the other’s strategy. And sometimes they align and provide amazing clarity!

5. How have you seen these methods…