Patent monitoring: take care of innovation, follow the development of competition and discover possible market niches.
Does your innovation slow down? Are you sure you do not infringe on the rights of others? How do you find it out? Entrepreneurs often spend months on hard development work. How do you prevent sudden stops that result from patent rights? Competition is also going forward. Probably working as hard on competing solutions and filing patent applications. That is why monitoring patents is very useful.
A well-known example is the foldable iPad case that allows you to set it at an angle. Imagine that you were developing this idea without knowing about a competition that not only created something similar, but also protected it. With patent monitoring you can keep track of your competition and prevent from unfavourable situations.
Patent monitoring gives you the opportunity to explore the niche in competition research: so-called market niches. With this information, you can tailor your actions and be one step ahead of the competitors.
Let us suppose that no manufacturer has patented the idea of rotating and folding screen in the camera. With the technical know-how you developed, you could create it. By monitoring patents you could find out about this niche in the patent literature of rivals.