To Patent or Not to Patent
In a dog-eat-dog world, patents can be your business’s best friend. Trust us; we know, we’ve seen the dark side. Depending on what industry you are in, patents can be absolutely critical. Yes, you can filter through the abundance of pages on the internet telling you that you must file for a patent; but, to be frank, you might not even need one.
Should I file for a Patent?
It largely depends on what industry you’re in, the scale of your business, what your budget is and the nature of your product or invention. The preliminary step would be to conduct in-depth patent research. You must ensure that your idea isn’t infringing on an existing patented product. This will set the seal on whether your creation can, in fact, be patented. In this instance, your best bet would be to go through a reputable Intellectual Property firm to thoroughly conduct the search, on your behalf. Depending on the findings, your lawyer may advise you to file for a trademark or copyright instead, which can sometimes be an easier and more cost-effective process.
All things considered, a patent is a useful tool that contributes to the formula of success, but it is not the cornerstone of it.
A patent is somewhat of a weapon. Rather, it’s more of a shield; contrary to the prevailing belief, it does not have the power to stop others from infringing upon your invention. A patent doesn’t grant you omnipotence; it simply gives you legal recourse IF someone does steal your product. In other words, you can sue.
If you do enforce your patent rights in court, prepare to be there for the long haul. It’s a lengthy, expensive process. Getting a judge’s verdict is extremely costly; in the United States, we’re talking in the millions. In 2017, changes were made to the patent system which has made it exceedingly harder and more costly to defend one’s intellectual property.
Consequently, prior to swimming in the patent pool with just an arm and a leg, make sure that it’s a clever business move.
So, to Patent or Not?
Well, if you decide based on overeager web pop-ups and television adverts that serve as background noise, the answer would be a loud “Yes!” But, the truth is that statistically:
- Only 2-3% of all patented innovations reach the market
- An estimated 97% of patents don’t recover the cost of filing them
- It is rare for patents filed by research institutions of higher education to produce revenue, with less than 20% of technology transfer offices breaking even.
Intimidated? Don’t be; it’s just very important to stress on the fact that each innovator’s case is unique. There isn’t even a “one size fits most” answer. That’s why it is wisest to seek the expert advice of a highly regarded Intellectual Property firm; they’ll ascertain what the best course of action would be.
Not sure whether you should patent your invention? Feel free to drop us an e-mail on [email protected] or call us on +971 4 282 2677.
