Turning your Ideas into Assets
Perhaps you have recently stumbled upon what you are convinced is the idea of the century. Maybe after years of painstaking research, you’ve finally produced an invention that’s poised to take over the world. Before breaking out the champagne, be wary of the fact that a wonderful idea or invention does not necessarily translate to commercial or financial success. Here are some things you need to know in order to use patents to effectively safeguard your business interests.
Know what a patent is
It goes without saying that in order to know how a patent can help your business strategically, it is crucial to know what exactly a patent is. A patent is defined as the exclusive legal right to exploit an idea or invention, for instance by selling, licensing, making use of or importing it. Patents offer protection to the usability or functionality of a particular invention. If you are looking to protect an attractive design or product with a distinctive appearance, on the other hand, then designs registration might serve your needs better. Patent protection typically lasts for twenty years from the day you file your application and during the period of protection grants you exclusive rights to your idea or invention.
Different types of patents
Merely obtaining a patent is not enough to protect your commercial interests. Your attorney should also help you to chart out a strategy to protect your interests in the event of patent infringement. If you discover your patent has been infringed at any time, it is crucial to take immediate action, which may range from having your attorney send a ‘cease and desist’ letter to, eventually, hauling the perpetrator to court.
Patents are very useful tools for the safeguarding of commercial interests, but they must be deployed prudently and strategically in order to be effective.
Article by Declan McKeveney, Principal at Fisher Adams Kelly, a leading intellectual property firm servicing Australasian innovators.
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