Most Danish businesses applying for a patent fail to apply the major commercial advantages that exist, while the application is being processed.
The process from the time a business files a patent application to a patent is granted typically takes between three to six years. Unfortunately, at Budde Schou we see how Danish businesses overlook the economic and commercial opportunities that the applicant achieves as early as upon filing and during the long processing period.
-In our numerous dialogues with new and potential clients it comes as a bit of a surprise to them when we inform them of the many open doors available commercially while the application is being processed. Most business leaders simply do not know how patents can be utilized in several areas of the business, and often take a wait-and-see approach during the time up until the patent is granted, says Jesper Mark Wenzel CCO and partner.
The total costs from the filing of a patent application to the grant of a patent can amount to several million Danish Kroner.
-Experiences from Denmark and abroad show that a patent application can be utilised and create value to a business if it is used proactively in the marketing. The businesses that manage to do so use their application to signal credibility and in doing so making use of the waiting period and increasing the business’ collective brand value. Furthermore, customer loyalty and brand awareness increase if businesses operate more actively in the process, says Jesper Mark Wenzel.
Competitive advantage
Not only efforts in marketing may be strengthened during the period of awaiting the grant of a potential patent. Also, the collective competitiveness of the business may increase significantly.
If a company sees that the competitor is awaiting a patent for a new product, they will in most instances hold back with a direct copy of the product in question. This means that the patent-seeking business gets a massive head start, as the competitors’ eagerness to produce copies is curbed. It is a simple and very effective way of taking advantage of the patent processes.
