What are the two main value drivers for patents?

Minneapolis patent attorney Steve Lundberg, founding shareholder of Schwegman Lundberg & Woessner explains that there are two main value drivers for a patent: How well it is written, and the market for the invention.

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Transcript:

Well, there are really two main value drivers for a patent, you know, that gives it value. One is that it’s been properly drafted and that it sufficiently covers the technology that is the target of the patent. And that’s very, very important from a legal perspective, but, secondarily, even if you have the most exquisitely drafted patent in the world, if the technology has no value, the patent itself has no value. If no one wants to use the technology, the patent has no value. So two things that drive patent value, then, are the technology’s value and then also the manner in which the patent’s drafted, and there’s a wide – obviously, a very wide range of quality, both in terms of the technology that gets invented or its value and also in the patent drafting process itself.