A patent is an instrument of entitlement, provided by a government, to give an inventor monopoly rights to sell the patented product free from competition in the jurisdiction in which it is granted.
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But note, you can not patent just an idea. For example, I couldn’t patent anti-gravity shoes since I don’t know how to make them.
A granted patent can provide up to 20 years protection, providing annual maintenance fees are paid, or for a lesser grade of patent known as an Innovation Patent, the coverage is eight years.
Seeking a patent
One of the biggest mistakes inventors make is to patent, patent, patent and seek protection in as many countries as they possibly can. This is pure folly as in reality the percentage of patents that actually produce "pay dirt" is vanishingly small.
Whilst a patent may be a great emotional fillip, a patent is only as good as your willingness and ability to defend it.
Further, if you really do have a great idea, even if patented, you can almost guarantee soon after launch a near identical product will appear.
Most people are unable to embark on the expensive legal journey that goes into trying to enforce patent rights. An interesting film called "Flash of Genius" is about American inventor, Robert Kearns, and his lifetime battle trying to enforce his patents.
This story of trial and heartbreak, though not a box office hit, is truly engaging.
A patent is only as good as your willingness and ability to defend it.
- Roger La Salle
Finally, one consideration often overlooked is that a patent discloses your work and thus your thinking.
In many cases where know-how is your competitive edge, it may be better not to patent at all and just trade on the know-how you prefer to keep secret. One way to have your “patent cake and eat it too”, may be to obtain a patent then immediately seek a licensing agreement with a large company that would be prepared to defend it.
What now?
- Seek advice – many patent attorneys will usually provide up front free guidance
- IP Australia, www.ipaustralia.gov.au, has an excellent web site
- Carefully and frugally select the jurisdictions in which you seek protection
- Remember, few inventions actually make money.
