1. Why apply for a patent?
A patent can give you a head start in the market
Developing a new product often requires large investments. A patent can provide you with a good opportunity to secure your investment and cover the costs involved in innovation and developing the product.
In short, a patent is important because it gives you a documented exclusive right which can:
- increase your competitive advantage and help you earn money from your invention
- help you achieve a greater share of the market
- help to prevent conflicts
- be used as evidence in a conflict
- give you a sound basis for entering into sales and licensing agreements with others
- make your business more attractive to partners and investors.
Is patent protection the right solution for you?
Even though your invention can be patented, it may not be the right solution for you to patent. The decision to invest in patent protection should take into account a cost-benefit assessment.
If you decide that patents are a useful tool for you and you choose to patent your invention, you should be prepared to defend your patent if others infringe your patent rights. This requires knowledge of the patent system and can be expensive.
You should also consider whether you should invest in alternative strategies such as secrecy, publishing, design registration or trademark protection. Read more about this on our website.
- Consider whether you need a patent
- A patent is a tool that can be used in a business plan
- Patenting is resource-intensive and can be costly
- Knowledge and competence are required to patent an invention
- Consider alternative forms of protection such as secrecy, register design, register trademark
See examples of how others have used their patents: