So why patent? Securing your intellectual property (IP) is one of the most important tasks any individual or business may undertake. One only needs to look at companies such as Apple, Dyson, Toyota, Microsoft, Google, and ResMed to see that intellectual property protection is core to everyday business activities and commercial success.
A granted patent, at least in Australia, provides the patentee with the exclusive right to make, hire and sell the claimed invention in Australia. Patent rights may last for 20 years for a standard patent and 8 years for an innovation patent.
A patent turns your ideas into “property” from which revenue may be generated. Many patent holders actually licence the rights to their invention to a third party in exchange for a royalty fee or sell their patent for a lump sum fee.
Patents allow you to promote your invention as “Patented” which deters other from copying your invention and allows you to develop and maintain a protected market share for your invention.
Many inventors or start up companies are looking to secure investment or government grants to assist with commercialisation of an invention. However, if you don’t own your IP, you typically can’t offer any security to your potential investors and it may be difficult for you to secure investment.
In most cases, it is reasonable to expect to invest about $5,000 to $10,000 to secure a granted patent in each country. This investment is generally spread over several years. If you consider that this investment provides you with a 20 year legal monopoly right over millions of consumers, then the cost of patent protection becomes dwarfed by the potential revenue to be generated over the life time of the patent.
If you are going to patent then you need to ensure that:
Caska IP are specialist in Australian and International patenting and can assist you at each step of the patenting process in a manner that is highly professional and cost effective. If you would like to know more or are wondering if you you should patent your invention, please contact us for a complimentary discussion.