2017-12-01
As a patent lawyer in Edmonton, every entrepreneur and inventor that approaches me thinks that they need a patent. But, is it always the case? Unfortunately, not every invention requires a patent registration.
Undoubtedly, a patent is a valuable form of intellectual property. When you have an invention, you do not want your competitors to claim rights to it. Patent protection is often the first thing that comes to mind. However, as valuable as they are, patents can be equally expensive. The invention and application process alone can cost a fortune. As an aspiring entrepreneur or a small business owner, it is important to consider several factors before you apply for a patent. Here are a few questions to ask when considering patents.
Is Your Invention Novel Enough to Be Patented
Do you have a revolutionary invention that must be protected? Are you sure? People have been inventing since the beginning, from simple tools to complex pieces of machinery. Not every invention makes a splash in the marketplace, and there are plenty of inventions that the public are never made aware of. If someone else has created a similar invention to yours, it may be difficult or impossible to obtain a patent. To patent an invention in Canada, your invention must be new. An invention is considered new if it has not been created before. A patent search can be beneficial to inventors trying to make a decision about whether or not to apply for a patent. A patent agent or lawyer in Edmonton can assist you in determining whether or not your invention is patentable.
Does It Have Enough Commercial Value
Even if your invention is novel, it doesn’t mean it is a good idea to patent it. There are a number of reasons you might choose to patent something, however monopolizing the market and earning a profit from an invention are generally important factors. If earning money from your invention is important, assessing commercial value is vital before patenting your invention. In the legal context, a patent is a negative right. It allows you to stop others from making, using, and selling your invention. But, it does not affirmatively grant you the ability to make, use or sell the invention. Let's explain this with an example. You have a patent for a 5 speed gear box that uses the base structure of a 4 speed gear box that is also patented. Your 5 speed gear box is found to be patentable over the 4 speed gear box but because the base structure is the 4 speed gear box you require a license to use the base structure. Plus, if your invention is in the field of technology, it is worth knowing that the area is overcrowded with related, duplicative patents. This can impact your chance of obtaining a patent as well as the feasibility of your product. An experienced patent agent or lawyer in Edmonton can assist you in assessing the market value and future of the product.
Do You Have the Budget to Spend on Getting a Patent
Patents are often expensive to obtain. Conducting a search and drafting a patent application can be costly. Additionally, it may take years to obtain a patent. Even if you obtain it, you have to ensure your right are not infringed. Policing your patents and enforcing rights can take a toll on your finances, especially if it ends up in court. Court proceedings are unpredictable and expensive. Plus, it may take years to reach a judgment. Not every small business and aspiring entrepreneur may have the budget for patents. Before deciding to patent your invention, you should have a plan that goes beyond simply getting a patent.
Whether or not to patent an invention is a crucial decision that can have a huge impact on your business. No doubt groundbreaking inventions ought to be patented. But, clear assessment is necessary. If you have questions about patents and whether or not they are the right choice for you and your business connect with a patent agent or lawyer in Edmonton today.
