Why Your Startup Needs A Patent Lawyer

Patents can be expensive. The cost of obtaining a patent can run into thousands of dollars. Since startups operate on a low budget, they are tempted to cut corners in their patent strategy. Instead of hiring a patent lawyer or agent, they draft the application and file for patents by themselves. There is no regulation prohibiting you from filing for patents on your own, but is it a good idea?

For most startups, patents are an important asset. They add value to the business, can create a competitive advantage, and potentially open up profitable avenues. The process of obtaining patents is a complex one that involves various legal formalities. To increase your success rate, consider hiring a patent lawyer or agent in Canada. Here are all the reasons why your startup needs a patent lawyer or agent:

Ensure Long-Term Success

Mistakes made are often irreversible. This is especially true for the patent process. Your patents are are often critical to your startup’s success. Cutting corners today to save some dollars can lead to costly consequences in the future. When filing for patents by themselves, many entrepreneurs make errors that can lead to rejection. They fail to conduct a thorough search or make shallow claims in their application. Even if you successfully tread through the process, errors like vague claims can make it difficult to enforce your rights in the future. A patent lawyer or agent can help you prevent these issues.

Make Good Use Of Your Time

As a startup owner, you already have your plate full with several responsibilities. You may be your business’ founder, accountant, as well as the administration manager, all at the same time. When you take on the additional work of filing a patent application, there are chances you will have little time left for other things. Any legal work, including patent filing, needs to be exercised with caution and requires addressing various formalities. Those unfamiliar with the process, laws, rules and case law related to patents are more likely to make an error during drafting. Be smart and hire a patent lawyer or agent to make efficient use of your time.

Attract Funding

Investors understand the role intellectual property plays in a business’ success. Before funding your company, they will want to evaluate your patent strategy. They will want evidence that your patents are viable and competent enough to face challenges. When you have a patent lawyer or agent by your side, investors may be more likely to believe that your intellectual property are in good hands. An investor may feel that you are serious about your business and may be more likely to invest in your and your business.

Meet All Important Deadlines

The patent process is governed by various deadlines. Many early-stage ventures obtain an early filing date to prevent their idea from being misused against them. But, unless you file a complete application, the procedure won’t move forward. There is a strict deadline of 12 months within which you must file your second, complete application. If your startup requires international patents, there are many more deadlines to address. In the midst of all your responsibilities, these deadlines can be missed. Hiring a patent lawyer or agent can save you because they will track these deadlines on your behalf.

Hiring a patent lawyer or agent in Canada will add to your costs. But, this cost is more of an investment that will benefit you in the future. If your startup needs help with patents, then get in touch with our patent lawyers and agents at Prowse Chowne LLP.