Commitment to innovation
Today, exhibiting great innovative capacity will not only help companies maintain their position on the market, but also soar to greater heights. This, however, poses a series of technical and legal issues that must be resolved when establishing new services and/or products.
To that end, the first consideration to be taken into account is the actual definition of an innovative company. An innovative company is one that is capable of changing, evolving, and learning the best practices of the competition so as to adapt its products and/or services to market trends. However, how is this accomplished?
The answer, although complex, could be summed up in investment in technical improvements through the companies’ own innovations, but at the same time also being sensitive to and fully aware of any innovative moves made by the competition. This involves acquiring a lot of information and studying it.
What constitutes technology watch?
To reduce the time dedicated to this task, there is a growing number of companies which implement technology watch tools (competitive surveillance, strategic surveillance) and are capable of extracting information from the data of various information sources and synthesizing it to make it easier to understand and/or feasible for study such that said information can therefore be put to good use.
One of these sources involves learning about and studying patents or other publications in the technical field corresponding to the company’s work, both at the level of the source of knowledge (new developments in the state of the art) and at the level of implementation of the new developments in the company’s processes or products, to ultimately assess the risk of infringing the intellectual property rights derived from patents of the competition and the implementation of strategies to minimize the possible damage that said patents may cause on the economy of the company.