Abstract
• Developing a machine learning approach to measuring the novelty of patents • Integrating doc2vec and the local outlier factor • Representing patents as vectors using textual information of patents • Measuring the novelty of patents on a numerical scale Patent analysis using text mining techniques is an effective way to identify novel technologies. However, the results of previous studies have been of limited use in practice because they require domain-specific knowledge and reflect the limited technological features of patents. As a remedy, this study proposes a machine learning approach to measuring the novelty of patents. At the heart of this approach are doc2vec to represent patents as vectors using textual information of patents and the local outlier factor to measure the novelty of patents on a numerical scale. A case study of 1,877 medical imaging technology patents confirms that our novelty scores are significantly correlated with the relevant patent indicators in the literature and that the novel patents identified have a higher technological impact on average. It is expected that the proposed approach could be useful as a complementary tool to support expert decision-making in identifying new technology opportunities, especially for small and medium-sized companies with limited technological knowledge and resources.
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