The definition of a patent is a unique and useful idea or invention that has the scope to be produced for economic return. Inventors of such ideas and inventions can apply for a patent to ensure their idea is not stolen. Patent protection is considered a relatively complex area of intellectual property law and so it is advised that you seek the assistance of a professional consultancy firm to guide you on how to achieve protection over your idea.
Benefits of patent protection
In order for an inventor to obtain a patent, they must satisfy the prescribed requirements as set by the relevant patent registry office. The requirements to satisfy will typically vary from one patent registry office to the next, however the general rule regarding patents is that they must be unique and available.
The benefits of seeking patent protection are numerous, and with an increasingly competitive global marketplace, it is highly advised to obtain a patent over your idea/invention.
Some of the main advantages are outlined below:
- Patents prevent third parties from copying, manufacturing or selling your invention/idea without your expressed permission
- Legal action can be taken where your patent rights have been infringed
- Owners of patents are eligible to seek a variety of remedies in court, such as damages
- Owning a patent allows the owner to sell their invention and subsequent rights to a third party
- A patent owner can retain their patent rights while licensing the invention to a third party
- Owning a patent gives you the right to approach third parties to discuss how to create a business around the invention
Overall, patent protection is vital to secure your idea from being produced or exploited by third parties. Due to the varying requirements set by different patent registries worldwide, it is also advisable to gain professional assistance when filing for a patent.
Contact Us to find out about our range of intellectual property services we can provide.