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What is a Patent?
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A patent is a legally enforceable monopoly right, granted by a government, over a device, substance, method of process that is new, inventive and useful.
A patent cannot protect purely mental processes such as artistic creations, mathematical models, plans or schemes.
The owner of a granted patent has the right to stop others making, selling, importing or otherwise using the patented invention for the life of the patent.
The owner of a patent can control:
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- The Manufacture of a patented product
- The use of a patented process
- Importation of a patented product
- Importation of a product made by a patented process
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Patents are national (or in some instances, regional) rights and are available in most countries.
A patent includes a written specification that describes the invention fully and a set of claims that define the scope of protection claimed.
Patents can only be granted to the inventor/s or someone (including a company) who has obtained the rights to the invention from the inventor/s.
Although having a patent gives the patent owner the exclusive right to the invention, it does not mean that the owner is free to exploit the invention. A patent owner must ensure that the development and use of their invention complies with all applicable laws and regulations and, in particular, does not infringe any earlier patent rights.
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Benefits of a Patent
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It is possible to successfully commercialise an invention not protected by a patent.
However, it is likely that if the invention is a commercial success and is not protected by a patent, copy-cat versions will appear in the market to compete with your invention. With no patent protection, your ability to protect your market will be limited.
Indeed, a competitor could well improve on your invention and be able to obtain a patent on that improvement.
With a patent covering the invention, you can better protect your market position.
While enforcement of patent rights through the courts is likely to be expensive, it is often not necessary to litigate to protect your rights.
The very existence of a patent may discourage others from copying your invention. Competitors will often choose to move down the path of least resistance and are less likely to copy a product that is protected by a patent.
Where a competitor “inadvertently” infringes your patented invention, they may be able to be “warned off” without the need to pursue court action.
For many organisations, the most important reason for pursuing patent protection is to add value to the invention. Most investors, venture capitalists, prospective partners or licensees will want to know that patent protection is in place or being sought for an invention. This enhances its value.
A patent may also aid in the commercialisation of a product. You have something clearly described that you can discuss with prospective investors or partners.
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| To see how we can help you see our patent services or download our patents brochure. |
