USPTO grants patent for LexisNexis PatentSight
USPTO grants patent to LexisNexis® PatentSight®. We are proud to announce that our patent analytics software is now a patent protected intellectual property. In August, 2019, the USPTO officially granted Nils Omland, the founder, with a patent for the PatentSight Business Intelligence software solution. Back in 2018, when LexisNexis® acquired PatentSight, this patent was still undergoing review. The granting of this patent makes our SaaS offering, officially, one of its kind.
When working on the building blocks of our analytics process, more than 10 years ago, at the same time completing his doctorate studies at WHU – Otto-Beisheim School of Management, the focus of Nils’ efforts was to identify, test and validate indicators for accurate patent value determination. His research successfully concluded with the distillation of patent value into 2 major indicators, namely Technology Relevance and Market Coverage.
Technology Relevance is a measure based on forward citations received by a patent. Patent offices investigate all patent applications to reveal the existing patents on which the new invention(s) are based. If a patent is of significance for the technical development in a field, subsequent patents will build on it and patent offices will frequently cite it as prior art. Technology Relevance measures whether a patent has more often been cited than other patents from the same technology field and year of publication. Market Coverage on the other hand measures the total size of the worldwide markets for which patent protection exists. The more patents a firm owns in important markets, as indicated by high Market Coverage values, the more valuable the patents are, because innovators spend more, on multi-market protection, if they expect an invention to be valuable globally. Competitive Impact and the ubiquitous Patent Asset Index were further developed to analyze entire portfolios rather than individual patent families. The former measure, which is based on a combination of the two original indicators, indicates the average quality of a patent family. Whereas Patent Asset Index was developed as a sum of all the Competitive Impact of patents in a portfolio, to represent the overall strength of the portfolio.
In 2009, PatentSight was founded as a spin-off from the WHU – Otto-Beisheim School of Management. Although initially starting off as a consulting firm, Nils had always envisioned PatentSight to be a software solutions provider for IP departments and management teams alike. Although it took about 2 years longer to set up and finally release the first version of our software, PatentSight achieved Nils’ vision by successfully integrating all of the indicators he tested and developed into a user friendly and comprehensive patent analytics software solution. By ensuring that all the patent information like ownership, legal status, patent family details etc. were correctly captured and stored in the database, PatentSight provides our users with world class data from which to draw their inferences. By combining this high quality data and scientifically proven metrics, PatentSight revolutionized the way patents have traditionally been valued. The quality of our offering soon started grabbing international attention and in 2018, LexisNexis acquired PatentSight to be added to their vast portfolio of IP related SaaS offerings. In 2019 PatentSight won the SIIA CODiE award for ‘Best Big Data & Analytics Solution’.
Our software, with all of its analytics capabilities, is an indispensable tool for patent owners and IP departments in performing such complicated tasks as strategic patent portfolio management, innovation analysis of mergers & acquisitions or to benchmark their patent portfolio to the industry standard and numerous such use-cases. The picture below, shows one such use case where the portfolios of competitors in a technology field are plotted on a Quality vs Quantity graph, with the size of the circles indicating the Patent Asset Index value of their respective portfolio, that is, the relative strength of the portfolio. There are various similar visualization options and templates available within the software, to make analyzing and communicating of results easier.
Today, 7 of the top 10 Chemical manufacturing companies of the world, 15 of the top 30 DAX companies, numerous international large concerns trading on the NYSE, NASDAQ, TSE, SSE, LSE etc. and a multitude of SMEs, all have one thing in common, they make improved strategic decisions based on insights derived using our award-winning patent analytics solution.
Learn more about PatentSight and the Patent Asset Index.
Excellent data quality is the foundation of reliable analyses. Learn how PatentSight enhances patent data here.