Measuring technological convergence in the field of smart grids: A semantic patent analysis approach using textual corpora of technologies

In the light of a fast and decisive impact of technological convergence, an early warning system for monitoring convergence is crucial for strategic tasks in companies. Investigations have shown that especially patent data is a vital information source for the analysis of measuring technological convergence. Although academics have paid much attention to classification and citation analyses, these approaches have shortcomings in terms of e.g. delays and misclassifications. To overcome these shortcomings, this paper will present a novel approach for measuring technological convergence by semantic similarity of patents using textual corpora of technologies. By the case of smart grids we demonstrate the feasibility of our semantic measurement approach. Focusing on patent data from the USPTO the results show clear evidence of some converging technologies and a proof of concept for our novel monitoring concept. For academics this approach offers new opportunities for analyzing convergence processes by means of semantic similarities. For practitioners, however, it serves as an early and reliable assessment instrument for strategic tasks like forming partnerships or evaluating the business environment.