Many inventors struggle with the choice of whether or not to seek patent protection. The choice of whether to hire assistance or do it themselves rests with the inventor who decides to submit a patent application.
Using a patent professional has many benefits over preparing and filing a patent application on your own. Although it is not essential to work with a Patent Attorney or Patent Agent to submit a patent application, their assistance will ensure the patent requirements are met.
Your patent representative will also optimise your protection so that substantial work arounds are required by third parties in order to avoid infringement. Here are some things to keep in mind if you’re debating whether or not to engage a Patent Lawyer or Patent Agent.
Profundity in protection with Intellectual Property applications
Patent issues are complex, and court rulings may have an impact on how laws are eventually construed. Managing the entire patent application procedure might be difficult for someone with little or no experience. A basic grasp of intellectual property law, especially patent law, can help you avoid costly mistakes during the patent process.
Mistakes could be the difference between being granted a patent and not meeting a deadline causing the application to lapse.
A Registered Patent Attorney or Patent Agent is familiar with the patent application process and keeps up with recent case law. They will know how wording or to better design applications which provide broader protection and scope of rights. This can be important throughout the patenting procedure. Applying the wrong way, or with the incorrect wording may render your patent invalid when you need to prosecute in Court.
Patents boost profits
If used appropriately, a patent may create millions, if not billions, of dollars for you. This can be achieved through patent licencing or market dominance by excluding others from being able to copy and sell your concept.
Premium Pricing Direct to Market
A lot of importance is placed on being the first to market. A patent is important before you go to market because it ensures that you will be the only one with access to your target market.
The advantage of a patent is that your business may determine the market price and no competition.
Patent Licensing
Patent Licencing is another option to produce passive finance.
The owner of a granted patent has the only authority to manufacture, use, or sell the innovation in exchange for a fee and royalties, unless they issue a license to another individual in return for a commission or royalty.
This is useful if the inventor lacks the necessary resources to manufacture or sell the innovation.
Patents are appealing to investors
It is substantially easier to secure capital investment backing, whether from venture capital or angel investors, if you have a patent or a patent pending. Furthermore, you can pitch your creation without the worry of having your concept stolen.
Also, when prospective investors realise that you have taken the necessary measures to obtain a patent, they will feel more at ease about investing because they will consider that you are serious about your invention and that there is a good probability that the IP will be commercially viable.
You should have a patent or a patent that is pending when you are pitching to investors. It demonstrates to potential investors both how original your idea is and how much effort and money you have already invested into the idea.
All of your patent-related difficulties can be avoided by utilising the services of a professional patent attorney at Australian Patent and Trademark Services. Your Patent Attorney can ensure you on the proper path and that you have the correct application and protection in place.