{"id":13347,"date":"2021-02-05T05:03:44","date_gmt":"2021-02-05T05:03:44","guid":{"rendered":"https:\/\/sagaciousresearch.com\/blog\/?p=13347"},"modified":"2024-07-24T14:02:54","modified_gmt":"2024-07-24T14:02:54","slug":"how-create-ip-driven-innovation-funnel-boost-innovation","status":"publish","type":"post","link":"https:\/\/sagaciousresearch.com\/blog\/how-create-ip-driven-innovation-funnel-boost-innovation","title":{"rendered":"How to Create an IP-Driven Innovation Funnel to Boost Innovation"},"content":{"rendered":"\n<p>Be it the great depression of the 1920s or the current COVID19-induced <a href=\"https:\/\/www.cnbc.com\/2020\/12\/28\/5-charts-show-covid-impact-on-the-global-economy-in-2020.html\" rel=\"nofollow\">economic slump<\/a>, the cycle of innovation has continued. Interestingly, some of the breakthrough innovations happened during the tough times \u2013 the internet economy emerged in the US recession of the <a href=\"https:\/\/www.oecd-ilibrary.org\/docserver\/5k43gjg6r8jf-en.pdf?expires=1611917010&amp;id=id&amp;accname=guest&amp;checksum=B0C7C81516EB9AFC36CF910124DADA22\" rel=\"nofollow\">1990s<\/a>, and the iPod was invented in the recession age of the <a href=\"https:\/\/www.apple.com\/newsroom\/2001\/10\/23Apple-Presents-iPod\/#:~:text=CUPERTINO%2C%20California%E2%80%94October%2023%2C,that%20fits%20in%20your%20pocket.\" rel=\"nofollow\">2000s<\/a>.<\/p>\n\n\n\n<p>However, during these challenging circumstances when resources are diminishing, businesses cannot pursue every idea hoping for a return on investment (ROI). So how will companies determine which idea can be successfully converted into a patent application? The answer lies in formulating an innovation funnel.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d266d5921dc\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d266d5921dc\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/sagaciousresearch.com\/blog\/how-create-ip-driven-innovation-funnel-boost-innovation\/#What_is_an_Innovation_Funnel\" >What is an Innovation Funnel?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/sagaciousresearch.com\/blog\/how-create-ip-driven-innovation-funnel-boost-innovation\/#Importance_of_Innovation_Funnel\" >Importance of Innovation Funnel<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/sagaciousresearch.com\/blog\/how-create-ip-driven-innovation-funnel-boost-innovation\/#Creating_an_Efficient_IP-Driven_Innovation_Funnel\" >Creating an Efficient IP-Driven Innovation Funnel<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/sagaciousresearch.com\/blog\/how-create-ip-driven-innovation-funnel-boost-innovation\/#Adapting_to_Changing_Landscape_With_Hybrid_Patentability_Search\" >Adapting to Changing Landscape With Hybrid Patentability Search<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/sagaciousresearch.com\/blog\/how-create-ip-driven-innovation-funnel-boost-innovation\/#Hybrid_Approach_Resource_Optimization\" >Hybrid Approach &amp; Resource Optimization<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/sagaciousresearch.com\/blog\/how-create-ip-driven-innovation-funnel-boost-innovation\/#Final_Thoughts\" >Final Thoughts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/sagaciousresearch.com\/blog\/how-create-ip-driven-innovation-funnel-boost-innovation\/#Having_Queries_Contact_Us_Now\" >Having Queries? Contact Us Now!<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_an_Innovation_Funnel\"><\/span>What is an Innovation Funnel?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>An innovation funnel can be defined as a legacy process of converting ideas into patents after screening them for viability. The funnel has three phases &#8211; idea capturing, idea screening, and idea protection phase. Going through the process, several ideas are knocked down and only a few get converted into patent applications.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Importance_of_Innovation_Funnel\"><\/span>Importance of Innovation Funnel<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>With an innovation influx likely during the pandemic, the&nbsp;research and development (<strong>R&amp;D) activities<\/strong>&nbsp;would remain a <a href=\"https:\/\/www.strategy-business.com\/article\/How-COVID-19-will-affect-investment-in-global-innovation?gko=276ed\" rel=\"nofollow\">strategic priority<\/a> for companies to meet the global competition and stay afloat. Therefore, it\u2019s crucial to optimize the use of resources to pursue only viable ideas that can build a sustainable IP and help in gaining competitive advantages in the next phase of the economic cycle.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Creating_an_Efficient_IP-Driven_Innovation_Funnel\"><\/span>Creating an Efficient IP-Driven Innovation Funnel<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>As per the conventional innovation funnel, most ideas are knocked down and only a few make it to the patent filing stage. For instance, if 6X (X is a variable) ideas are captured in the first phase, only 2X make it through the idea screening phase and only 1X ideas are finally filtered as suitable for patent filing. Businesses also have a conversion ratio as low as 6:1.<\/p>\n\n\n\n<p>To resolve the challenges associated with the 6X stage, which includes a dearth of in-house resources to process ideas and conduct searches, companies choose to outsource the process. However, outsourcing also has its own sets of challenges such as high turnaround time due to a long chain of commands. Therefore, there\u2019s a need for an evolved process that\u2019s not only cost and time effective but also ensures that no idea goes to waste.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Adapting_to_Changing_Landscape_With_Hybrid_Patentability_Search\"><\/span>Adapting to Changing Landscape With Hybrid Patentability Search<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The hybrid approach is a modified innovation funnel that effectively counters the challenges posed by the conventional innovation funnel. A Hybrid Patentability search is a combination of AI-based and manual searches. This approach divides the patentability search process during the 6X phase into two stages \u2013 post ideation and pre-filing searches.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Post Ideation Stage: <\/strong>The hybrid patentability search involves augmenting the first stage through AI. This implies that 6X inventions are fed into an AI tool to knockout frivolous inventions. It only requires feeding the concept of innovation into the tool and it fetches the results highlighting the novelty of the idea. If it\u2019s not new, the idea can be modified to meet the novelty criteria at that point itself. The process is known as post ideation novelty searches or knockout novelty searches.<strong><\/strong><\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Pre-filing Stage: <\/strong>The pre-filing search &#8211; a manual thorough search &#8211; is the second stage of the hybrid patentability search process. The manual search helps in identifying the relevant prior art and understand the relevant space. It also helps in refining the ideas better in view of the prior art identified during the knockout searches.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Hybrid_Approach_Resource_Optimization\"><\/span>Hybrid Approach &amp; Resource Optimization<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The current economic scenario, plagued by the pandemic, calls for an efficient method of filtering ideas so that higher outcomes can be derived in the IP ecosystem by strategically using the diminishing resources. The hybrid patentability search ensures resource optimization in several ways.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Reduces Turnaround Time: <\/strong>The AI-based technology deployed during the post-ideation stage knocks out frivolous ideas quickly. Similarly, it offers the scope to modify inventions on a real-time basis to meet the novelty criteria even if&nbsp;the AI tool shows similar patents in search results. Therefore, the hybrid approach saves time and resolves challenges related to outsourcing these searches. <strong><\/strong><\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Minimizes Cost: <\/strong>The two-stage process in the hybrid approach saves up to one-third of the total cost incurred on patentability searches. For instance, if a company files less than 500 patent filings a year, it will save more than half a million dollars. The hybrid approach also reduces the overall cost of obtaining the patent portfolio and keeps the return on investment high. Furthermore, it saves the cost of IP protection (patent filing\/office actions) for the dropped ideas.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Prevents Loss of Ideas: <\/strong>It\u2019s discouraging for inventors when an idea is lost.Loss of idea occurs due to procedural delays and dependencies. Therefore, the hybrid approach also allows for contemporary searches \u2013 i.e. a knockout search through the course, or as the invention or the idea comes closer to the filing. This step is followed by a meticulous manual search.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Final_Thoughts\"><\/span>Final Thoughts<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The economy is currently witnessing a downturn and businesses are cost-cutting on activities that do not give an immediate return on investment. <strong>Hybrid Patentability Searches<\/strong>is a rational approach to increasing ROI and regulating the cost. The method creates an efficient and evolved IP-driven innovation funnel that keeps R&amp;D going.<\/p>\n\n\n\n<p>Sagacious IP provides a cost-effective hybrid search platform that combines AI-based search, powered by Amplified, with its manual search capabilities. Our efficient <a href=\"https:\/\/sagaciousresearch.com\/patentability-search\">patentability search services<\/a> are a one-stop solution to knock-out the ideas and evaluate the screened inventions through Sagacious Patentability Assessment. To watch a webinar on the topic, click <a href=\"https:\/\/sagaciousresearch.com\/blog\/hybrid-patentability-searches\/\">here<\/a>.<\/p>\n\n\n\n<p><strong>&#8211;<\/strong>Vaibhav Henry (ICT), Sumit Prasad (IT for IP) and the Editorial Team<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Having_Queries_Contact_Us_Now\"><\/span>Having Queries? 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id='input_203_17' class='large gfield_select'    aria-required=\"true\" aria-invalid=\"false\" ><option value='' >Please Select Country<\/option><option value='United States' >United States<\/option><option value='Canada' >Canada<\/option><option value='United Kingdom' >United Kingdom<\/option><option value='China' >China<\/option><option value='India' >India<\/option><option value='North Korea' >North Korea<\/option><option value='South korea' >South korea<\/option><option value='United Arab Emirates' >United Arab Emirates<\/option><option value='Afghanistan' >Afghanistan<\/option><option value='Albania' >Albania<\/option><option value='Algeria' >Algeria<\/option><option value='Andorra' >Andorra<\/option><option value='Angola' >Angola<\/option><option value='Antigua and Barbuda' >Antigua and Barbuda<\/option><option value='Argentina' >Argentina<\/option><option value='Armenia' >Armenia<\/option><option value='Australia' >Australia<\/option><option value='Austria' >Austria<\/option><option value='Azerbaijan' >Azerbaijan<\/option><option value='The Bahamas' >The Bahamas<\/option><option value='Bahrain' >Bahrain<\/option><option value='Bangladesh' >Bangladesh<\/option><option value='Barbados' >Barbados<\/option><option value='Belarus' >Belarus<\/option><option value='Belgium' >Belgium<\/option><option value='Belize' >Belize<\/option><option value='Benin' >Benin<\/option><option value='Bhutan' >Bhutan<\/option><option value='Bolivia' >Bolivia<\/option><option value='Bosnia and Herzegovina' >Bosnia and Herzegovina<\/option><option value='Botswana' >Botswana<\/option><option value='Brazil' >Brazil<\/option><option value='Brunei' >Brunei<\/option><option value='Bulgaria' >Bulgaria<\/option><option value='Burkina Faso' >Burkina Faso<\/option><option value='Burundi' >Burundi<\/option><option value='Cabo Verde' >Cabo Verde<\/option><option value='Cambodia' >Cambodia<\/option><option value='Cameroon' >Cameroon<\/option><option value='Central African Republic' >Central African Republic<\/option><option value='Chad' >Chad<\/option><option value='Chile' >Chile<\/option><option value='Colombia' >Colombia<\/option><option value='Comoros' >Comoros<\/option><option value='Congo' >Congo<\/option><option value='Costa Rica' >Costa Rica<\/option><option value='C\u00f4te d\u2019Ivoire' >C\u00f4te d\u2019Ivoire<\/option><option value='Croatia' >Croatia<\/option><option value='Cuba' >Cuba<\/option><option value='Cyprus' >Cyprus<\/option><option value='Czech Republic' >Czech Republic<\/option><option value='Denmark' >Denmark<\/option><option value='Djibouti' >Djibouti<\/option><option value='Dominica' >Dominica<\/option><option value='Dominican Republic' >Dominican Republic<\/option><option value='East Timor (Timor-Leste)' >East Timor (Timor-Leste)<\/option><option value='Ecuador' >Ecuador<\/option><option value='Egypt' >Egypt<\/option><option value='El Salvador' >El Salvador<\/option><option value='Equatorial Guinea' >Equatorial Guinea<\/option><option value='Eritrea' >Eritrea<\/option><option value='Estonia' >Estonia<\/option><option value='Eswatini' >Eswatini<\/option><option value='Ethiopia' >Ethiopia<\/option><option value='Fiji' >Fiji<\/option><option value='Finland' >Finland<\/option><option value='France' >France<\/option><option value='Gabon' >Gabon<\/option><option value='The Gambia' >The Gambia<\/option><option value='Georgia' >Georgia<\/option><option value='Germany' >Germany<\/option><option value='Ghana' >Ghana<\/option><option value='Greece' >Greece<\/option><option value='Grenada' >Grenada<\/option><option value='Guatemala' >Guatemala<\/option><option value='Guinea' >Guinea<\/option><option value='Guinea-Bissau' >Guinea-Bissau<\/option><option value='Guyana' >Guyana<\/option><option value='Haiti' >Haiti<\/option><option value='Honduras' >Honduras<\/option><option value='Hungary' >Hungary<\/option><option value='Iceland' >Iceland<\/option><option value='Indonesia' >Indonesia<\/option><option value='Iran' >Iran<\/option><option value='Iraq' >Iraq<\/option><option value='Ireland' >Ireland<\/option><option value='Israel' >Israel<\/option><option value='Italy' >Italy<\/option><option value='Jamaica' >Jamaica<\/option><option value='Japan' >Japan<\/option><option value='Jordan' >Jordan<\/option><option value='Kazakhstan' >Kazakhstan<\/option><option value='Kenya' >Kenya<\/option><option value='Kiribati' >Kiribati<\/option><option value='Kosovo' >Kosovo<\/option><option value='Kuwait' >Kuwait<\/option><option value='Kyrgyzstan' >Kyrgyzstan<\/option><option value='Laos' >Laos<\/option><option value='Latvia' >Latvia<\/option><option value='Lebanon' >Lebanon<\/option><option value='Lesotho' >Lesotho<\/option><option value='Liberia' >Liberia<\/option><option value='Libya' >Libya<\/option><option value='Liechtenstein' >Liechtenstein<\/option><option value='Lithuania' >Lithuania<\/option><option value='Luxembourg' >Luxembourg<\/option><option value='Madagascar' 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Interestingly, some of the breakthrough innovations happened during the tough times \u2013 the internet&#46;&#46;&#46;<\/p>\n","protected":false},"author":12,"featured_media":13351,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[],"coauthors":[995,1023],"class_list":["post-13347","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to Create an IP-Driven Innovation Funnel to Boost Innovation<\/title>\n<meta name=\"description\" content=\"How to Create an IP-Driven Innovation Funnel to Boost Patent Search: Be it the great depression of the 1920s or the current COVID19-induced\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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