IP and Technology are Inseparable
“As technology grows at an unprecedented pace, intellectual property law, business, technology, and science are becoming inseparable.“ – Michael Martensen, Founder & IP Attorney, Martensen IP
Martensen IP is an intellectual property law firm with a deep understanding of IP tools, the business of IP, and the tech market itself. The company is comprised of a team of patent attorneys with decades of experience in the field. Together, they have drafted and prosecuted hundreds of patent applications. They provide IP services, primarily in intellectual property, including the identification of patents, trademarks, copyrights, and trade secrets, to small or emerging companies, all the way up to multibillion dollar corporations.
Investing in Your Future
Michael Martensen, the founder of Martensen IP has 20 years of IP experience, and he believes, “Among the four pillars of intellectual property, patents are the king. They are arguably the most difficult to get, and the most valuable to have.” Patents can offer insights into the industry, market, and ongoing research and development.
Prior to using PatSnap, Martensen used other patent intelligence tools, outsourcing, and leveraging open-source software. However, in order to convey to clients’ what patents are all about, Martensen IP started searching for a simplified, user-friendly, data-driven tool. They landed on PatSnap. “PatSnap not only provides both the data and graphical renditions for us as patent savvy experts, but also for our non-expert clients. It takes the language and complexity of patents and turns it into a very digestible representation, which has been incredibly helpful with client uptake and demonstrations.”
Landscapes & Landmines
When working within the field of innovation, Martensen explains it’s extremely important to have access to quality data, especially as an IP professional. “With respect to priority searches or freedom to operate analysis where we are focused on a defensive mindset, we can show our clients quickly and graphically with a patent landscape approach, ‘this is where you sit, this is where your competitor sits, this is who is surrounding you.’ With the high-quality data PatSnap provides we can confidently provide them with insights into what kind of landmines they may be walking into.” Martensen believes even in instances where a client may not necessarily have patentable subject matter, the insights of the data surrounding their environment, or their trade space can be incredibly valuable. It can show if there are any other major players and highlight potential partners or licensees.
“The input of PatSnap data, in many different senses, has given us the advantage to provide clients very useful information and to engage clients on an ongoing basis. Fundamentally PatSnap makes my day easier — within 10 to 15 minutes I can have a good handle on a technology space, or specific company. It’s unbelievably easy to use. I can easily manipulate my search and look deeper into the data, quickly come up with answers for my clients, and export it to share.” He also noted trying to accomplish the same thing previously [before PatSnap] was almost impossible, giving them a huge advantage in the marketplace.
A common challenge Martensen faces with his clients is the question, “Is it worth investing money to file a patent or pursue this area of technology?” His clients are fundamentally aware a patent is a piece of paper that gives them rights, but oftentimes they don’t understand that patent filings are an investment in a company’s future. There are numerous reasons to file for patents to gain protection, but it is not a short-term return on investment. “It’s more likely 5 to 10 years down the line – so the value to them at the end of the day is ‘will this patent be worth anything?’ As such, PatSnap’s valuation tool has been helpful with this – not necessarily to provide a precise value of a client’s patents in the market, but as a comparison of what it could be worth.” Using PatSnap’s valuation, Martensen can showcase the intrinsic value associated with patent filings, demonstrating to their clients there is value with respect to the process.
With 20 years of experience in IP, Martensen says “We have tested all the software and databases out there, and PatSnap, in general, seems to be at least 5 to 10 years ahead of the market. The company is continually innovating, looking at the pain points and needs of their customers, and the rest of the market is trying to catch up. I appreciate the fact that even as they try to catch up, PatSnap is already thinking ahead to the next step. I feel I’m working with the leader in the field, which has been very rewarding to me – I know I’m working with the A team.”