Is a Patent Right for your Invention?
Posted by Kapil Kumar on October 17th, 2017
The best inventions are created by people solving problems that we all experience. They come up with solutions that will make lives better. Before dreaming of making millions from your invention, you need to develop it. If you can develop how it is going to work, what it is made of, and it is a new invention, then you may be able to protect it with a patent. A patent protects how something works, a design protects the appearance, a trademark protects the brand name, and copyright protects creative works.
Before you start to apply
You need to find out if an invention is actually new. If it is, ask if people would want to buy it. Owning a patent does not guarantee a successful business. If you are confident of its commercial success, you need to keep it a secret. As with any big investment or business idea, you need to get legal advice from IP lawyers. They will ask you to consider how you are going to use the patent and what you will be gaining from it. A patent can provide protection of your invention for as long as 20 years. It needs to be carefully drafted if it is to be commercially viable.
Does your invention have financial value?
The most valuable ones are found in the pharmaceutical industry. Be sure that the profit potential of your product outweighs the time and money it takes to be granted and maintain a patent.
Is your invention new?
Make sure that your invention is new by searching databases and the Internet. This will let you know that no one else has thought of your idea before you spend money on your patent application. In some cases, products are granted patents which later become invalid when it is discovered that the item already existed.
Speak to an expert
Consulting an Intellectual Property professional increases your chance of successfully obtaining a patent. They have the skills to draft the application correctly. Many of them offer first consultations for free. The CIPA holds IP clinics and can help you find a patent attorney nearest your area.
If you meet all the formal requirements, your application will be published after 18 months. The decision will take years. You can consider other forms of IP protection while waiting for the patent, because others may work around your invention or offer a similar product. You can register the design or use confidentiality agreements. This can occur for as long as the information is confidential. If you’re applying for software patents, it is best to consult a lawyer because the UK has various judgments on the process. If you think your invention has a short life in the market, keep it a secret while developing it and launch it with a strong brand and marketing.
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About the AuthorKapil Kumar
Joined: October 17th, 2017
Articles Posted: 1