CRR's approach to Intellectual Property Value Development is a multi-phased process that takes an idea from a concept to producing value for the inventor. Each phase is clearly defined and proven to achieve success.
Prior to entering into any agreement, the inventor and CRR personnel have an informational exchange concerning the invention and CRR services. This can be done in person, by telephone, or by email. The purpose of this exchange is to disclose the invention and the extent to which it has been protected and proven, to disclose related business opportunities, and to discuss CRR’s IP Value Development process. Both the inventor and CRR are subject to a two-way non-disclosure agreement. There is no fee for this informational exchange and both parties must be in agreement before moving forward to the next phase.
Intellectual Property Value Assessment
Upon acceptance of the CRR Consulting Agreement, CRR will proceed with the first phase of the process which consists of a Technology Assessment and a Prior Art Review. The term “Prior Art” refers to other inventions made prior to the date of the client’s invention. The Technology Assessment involves a detailed examination of the invention including alternative approaches so as to achieve a thorough understanding of the invention’s strengths and weaknesses, and typically involves improvements to the invention that become the property of the client.
A Prior Art Review consists of extensive research and analysis of the invention and related prior art from both a technical and business perspective. The findings are summarized and delivered to the client in two formal document deliverables: a Prior Art Review Report and a Technology Assessment Report. These documents provide valuable information that support business decisions about the invention including whether or not to seek patent protection. In addition, these documents provide information that supports preparation of accurate patents in a timely, cost-effective manner. Both parties must be in agreement before moving forward to the next phase.
Strategic Business Planning
Strategic Business Planning involves defining the business opportunities that surround the invention – from the most basic opportunities to the bigger, strategic prospects. The competitive landscape and the number of business opportunities for the invention largely determine the scope of this phase. Thorough value assessment analyses result in short- and long-term business plans to fully leverage the invention and ensure the protection of Intellectual Property rights. Formal documents are delivered outlining recommended business structure(s), Intellectual Property (IP) plans and strategies, and technology development plans. Both parties must be in agreement before moving forward to the next phase.
CRR will assist in the execution of the business plans and strategies for the invention. This may involve many facets of business development including, but not limited to, the creation of necessary business entities, development of prototypes, and IP management activities. As appropriate, the client may be able to leverage CRR facilities and infrastructure, fundraising capabilities, and network of business investors.
The IP Value Development Process enables an inventor to realize revenue from an invention. It provides an inventor a full business perspective of an invention including intellectual property strength, technical viability, and marketability. It provides a plan for extracting value from the invention and services and resources needed to execute that plan. And the work products produced along the way provide the technical, IP, and business information that the inventor and potential investors need to make sound strategic business decisions.