Identifying new business opportunities from competitor intelligence: An integrated use of patent and trademark databases

This study aims to analyze the position of technology-centered companies in complex market dynamics and discover new business opportunities from competitor intelligence. For this, we consider both technology and market characteristics in providing competitor intelligence by utilizing patent data as a representative proxy for a firm's technology, and trademark data as an information source for the firm's target goods and services. To analyze the two types of data, a collaborative filtering approach together with portfolio analyses and association mining techniques were adopted. Theoretically, this is one of the earliest attempts to combine patent data and trademark data to investigate corporate strategies. In practice, the research results are expected to be used as a decision criterion to diagnose the economic value that companies can obtain by entering the market, as well as the technological value to be passed onto their customers. Thus, the proposed approach can be useful to support effective technology and business strategies in a firm.

[1]  Huilong Duan,et al.  Mining association rules to support resource allocation in business process management , 2011, Expert Syst. Appl..

[2]  S. Venkataraman.  Chapter 1 The Distinctive Domain of Entrepreneurship Research , 2019, Advances in Entrepreneurship, Firm Emergence and Growth.

[3]  Sungjoo Lee,et al.  Technological Forecasting & Social Change Business planning based on technological capabilities : Patent analysis for technology-driven roadmapping ☆ , 2009 .

[4]  Martin G. Moehrle,et al.  Use of a new patent text-mining and visualization method for identifying patenting patterns over time: Concept, method and test application , 2017 .

[5]  Sungjoo Lee,et al.  Identifying new business areas using patent information: A DEA and text mining approach , 2011, Expert Syst. Appl..

[6]  Richard N. Cardozo,et al.  A theory of entrepreneurial opportunity identification and development , 2003 .

[7]  Tugrul U. Daim,et al.  Forecasting emerging technologies: Use of bibliometrics and patent analysis , 2006 .

[8]  Philipp G. Sandner,et al.  Patents, Trademarks, and Their Complementarity in Venture Capital Funding , 2015 .

[9]  Bart Verspagen,et al.  Role of home and host country innovation systems in r&d internationalisation: a patent citation analysis , 2005 .

[10]  Paul Olk,et al.  Technological advantage, alliances with customers, local knowledge and competitor identification , 2014 .

[11]  Emilia Rovira Nordman,et al.  The impact of opportunity connectedness on innovation in SMEs’ foreign-market relationships , 2016 .

[12]  Sungjoo Lee,et al.  An approach to discovering new technology opportunities: Keyword-based patent map approach , 2009 .

[13]  Vishal Gupta,et al.  Gender differences in evaluation of new business opportunity: A stereotype threat perspective , 2014 .

[14]  M. Reitzig.  Strategic Management of Intellectual Property , 2004 .

[15]  H. Ernst,et al.  Patent portfolio analysis as a useful tool for identifying R&D and business opportunities--an empirical application in the nutrition and health industry , 2006 .

[16]  Holger Ernst,et al.  Patent information for strategic technology management , 2003 .

[17]  J. Leker,et al.  The Front End of Innovation in an Era of Industry Convergence: Evidence from Nutraceuticals and Functional Foods , 2006 .

[18]  Kenneth Y. Goldberg,et al.  Eigentaste: A Constant Time Collaborative Filtering Algorithm , 2001, Information Retrieval.

[19]  M. Rogers,et al.  Innovation, Intellectual Property, and Economic Growth , 2010 .

[20]  F. Narin,et al.  Direct validation of citation counts as indicators of industrially important patents , 1991 .

[21]  John C. Narver,et al.  The Effect of a Market Orientation on Business Profitability , 1990 .

[22]  Inseok Song,et al.  Identifying product opportunities using collaborative filtering-based patent analysis , 2017, Comput. Ind. Eng..

[23]  C. Hwang.  Multiple Objective Decision Making - Methods and Applications: A State-of-the-Art Survey , 1979 .

[24]  Subhashini Venugopalan,et al.  Topic based classification and pattern identification in patents , 2015 .

[25]  E. L. Cox,et al.  Guest editors\' introduction to the special issue: why is there a resource-based view? Toward a theory of competitive heterogeneity , 2003 .

[26]  Z. Griliches,et al.  Citations, Family Size, Opposition and the Value of Patent Rights Have Profited from Comments and Suggestions , 2002 .

[27]  Michael Frese,et al.  Creativity in the opportunity identification process and the moderating effect of diversity of information , 2012 .

[28]  Mark Casson,et al.  The Entrepreneur: An Economic Theory , 1982 .

[29]  R. Sen,et al.  Using Patent Information in Technology Business Planning—I , 1988 .

[30]  Vishal Bhatnagar.  Collaborative Filtering Using Data Mining and Analysis , 2016 .

[31]  Yu-Shan Chen,et al.  Exploring the nonlinear effects of patent citations, patent share and relative patent position on market value in the US pharmaceutical industry , 2010, Technol. Anal. Strateg. Manag..

[32]  Byung-Do Kim,et al.  Market Basket Analysis , 2008 .

[33]  J. Schumpeter.  Capitalism, Socialism and Democracy , 1943 .

[34]  Fred L. Collopy,et al.  Competitor Orientation: Effects of Objectives and Information on Managerial Decisions and Profitability , 1996 .

[35]  Bokyoung Kang,et al.  Novelty-focused patent mapping for technology opportunity analysis , 2015 .

[36]  Philipp G. Sandner,et al.  The Market Value of R&D, Patents and Trademarks , 2011 .

[37]  Sungjoo Lee,et al.  Identifying and evaluating strategic partners for collaborative R&D: Index-based approach using patents and publications , 2013 .

[38]  N. Franke,et al.  See Paris and… found a business? The impact of cross-cultural experience on opportunity recognition capabilities , 2016 .

[39]  Harald Overholm,et al.  Collectively created opportunities in emerging ecosystems: The case of solar service ventures , 2015 .

[40]  D. Austin,et al.  An Event-Study Approach to Measuring Innovative Output: The Case of Biotechnology , 1993 .

[41]  Jean O. Lanjouw,et al.  How to Count Patents and Value Intellectual Property: Uses of Patent Renewal and Application Data , 1996 .

[42]  Adam B. Jaffe,et al.  Characterizing the “technological position” of firms, with application to quantifying technological opportunity and research spillovers☆ , 1989 .

[43]  Farshad Madani,et al.  The evolution of patent mining: Applying bibliometrics analysis and keyword network analysis , 2016 .

[44]  Yu-Shu Peng,et al.  A dynamic framework for competitor identification: A neglecting role of dominant design , 2016 .

[45]  Liam Fahey,et al.  Competitor scenarios: Projecting a rival's marketplace strategy† , 1999 .

[46]  Mario Rese,et al.  Market segmentation and the structure of competition: applicability of the strategic group concept for an improved market segmentation on industrial markets , 2001 .

[47]  Wu He,et al.  International Journal of Information Management Social Media Competitive Analysis and Text Mining: a Case Study in the Pizza Industry , 2022 .

[48]  H. Grupp,et al.  Patent statistics in the age of globalisation: new legal procedures, new analytical methods, new economic interpretation , 1999 .

[49]  Sungjoo Lee,et al.  Analysis of document-mining techniques and tools for technology intelligence: discovering knowledge from technical documents , 2012, Int. J. Technol. Manag..

[50]  Global Change and Intellectual Property Agencies: An Institutional Perspective , 1999 .

[51]  Anthony Breitzman,et al.  Using Patent Citation Analysis to Target/Value M&A Candidates , 2002 .

[52]  Daniele Archibugi,et al.  The globalization of technological innovation: definition and evidence , 2002 .

[53]  Sunghae Jun,et al.  Vacant technology forecasting using new Bayesian patent clustering , 2014, Technol. Anal. Strateg. Manag..

[54]  Nancy M. Childs,et al.  An Empirically-based Model of Competitor Intelligence Use , 2002 .

[55]  J. Gans,et al.  The Product Market and the Market for 'Ideas': Commercialization Strategies for Technology Entrepreneurs , 2002 .

[56]  T. Palo,et al.  Networked business model development for emerging technology-based services , 2013 .

[57]  Dominique M. Hanssens,et al.  Market Response, Competitive Behavior, and Time Series Analysis , 1980 .

[58]  Taghi M. Khoshgoftaar,et al.  A Survey of Collaborative Filtering Techniques , 2009, Adv. Artif. Intell..

[59]  Jian Jin,et al.  Identifying comparative customer requirements from product online reviews for competitor analysis , 2016, Eng. Appl. Artif. Intell..

[60]  J. Davidson Frame,et al.  Measuring national technological performance with patent claims data , 1994 .

[61]  Michael J. Roberts,et al.  New business ventures and the entrepreneur , 1974 .

[62]  J. Lerner.  The Importance of Patent Scope: An Empirical Analysis , 1994 .

[63]  Scott Shane,et al.  Creative personality, opportunity recognition and the tendency to start businesses: A study of their genetic predispositions , 2015 .

[64]  Mike Wright,et al.  The extent and nature of opportunity identification by experienced entrepreneurs , 2009 .