The biotechnology industry has always been a complex and expensive field, requiring sophisticated laboratory setups and deep scientific knowledge. However, with the advent of innovative technology, the biotech industry is rapidly changing, offering new opportunities for startups to create valuable IP without the need for a lab. This new approach is creating an opening for many businesses that previously would have found it challenging to fund expensive research.
Portal Innovations, a biotech VC firm based in Chicago, is at the forefront of this change. The company is providing specialized and fully-supported lab space to biotech startups growing out of labs in Chicago, Atlanta, and beyond. By leveraging the huge amount of clinical research already available in scientific journals, startups can use creativity tools to create new inventions from the research without any wet labs.
The key to success in this new approach is to file a large number of patent applications. By doing so, biotech firms can find out what kinds of patents they can get granted and have a protected technology before they risk investment on lab research. While some inventors may believe that the research should be done before submitting for patents, the speed of filing activity at the patent office means that waiting until the research is finished may mean missed opportunities for IP.
To facilitate the invention process, it often helps to hire professional IP consultants. They will know more about which ideas are patentable, can be enabled and supported with research, and which are too abstract to be realistically granted by the patent office. IP consultants can also direct the invention sessions towards business goals, such as whether the tech will hit the market in the next 5 years or is more futuristic. Contact us to learn more about how facilitated invention can supercharge you firms IP position.
Firms in research areas like biotech really need to put IP first in their business strategy. Otherwise, their research efforts could prove to be difficult to protect, especially if other companies have already covered the IP space patents. Biotech, above others, should strive to hold valuable IP and create a business environment where competitors and new market entrants need a license from them to operate on the technology. The focus should be on creating valuable IP and not worry about roadblocking IP that was generated while their researchers were heads down in the lab.
In conclusion, the biotech industry is rapidly changing, and the availability of innovative technology is creating new opportunities for startups to create valuable IP without the need for a lab. By leveraging the huge amount of clinical research already available in scientific journals, biotech startups can use creativity tools to create new inventions from the research without any wet labs. Focusing on IP first in their business strategy will enable them to protect their research and create a business environment that enables them to profit from their innovation. If you want to have an IP portfolio that will position you to dominate your technology space in the coming years, get in touch with us sooner than later.