The importance of innovation and invention in business cannot be understated. As the world becomes more technical, the industry has had to adapt its methods to keep up. New companies are sprouting up everywhere, and they’re forced to use more advanced technology and techniques to compensate for the relatively expensive start-up costs.
With new technologies being developed every day, many Australian patent protection experts recommend for companies to patent their technologies. In this article, you’ll come to understand what patenting a product means, how to patent a product, and the importance of patents.
What Does It Mean To Patent A Product?
Product patents are legal protection for specific designs that add to the value of a product. This secures profits for the original innovator while limiting the potential competition from secondary or generic parties. The protection lasts for as long as the product is in commercial use. While some forms of protection typically range from one to twenty years, others may be longer.
If you live in Australia, you should be aware of the two types of patents available in the country:
A standard patent provides long-term protection and control over your invention. The security and management last up to 20 years from the filing date of application, and 25 years for pharmaceutical substances. Standard patents are given to products that are new and must involve an inventive step. The product must be made or used in the industry.
The inventive step means that the product is not an obvious solution for someone with knowledge and experience in the field. The product must be different from existing technologies.
Before a standard patent is given to a product, the application is examined by IP Australia to ensure that it meets legislative requirements. Examination of the product can take anywhere from six months to several years.
If you’re seeking protection for a product with a short market life, you should apply for an innovation patent. This is appropriate for technologies that may be superseded by newer inventions in the near future. Examples are computer-based inventions and applications.
An innovation patent can provide protection and control for eight years. This patent is designed to protect products that don’t meet the inventive requirement for standard patents. It’s a quick and straightforward application process that’s ideal for patenting new devices, substances, techniques, or methods. An innovation patent is completed within a month of filing for an application because the examination is not conducted anymore.
How To Apply For A Patent?
If you’re wondering how to patent your technology, here are some steps that you need to take:
- Seek Professional Help: If you’re confident that your invention is unique, you need to seek professional advice from a patent attorney before starting the process of applying for a patent. These professionals can help you to go through the complicated process of applying for a patent.
- Application Process: Your patent attorney is responsible for writing your patent application as they discuss the details with you.
- Examination Process: If you’re applying for a Standard Patent, the patent office will check whether your invention meets legislative requirements.
Don’t announce your invention until you have applied for patent protection, because you may lose the opportunity. If you need to present it to your business partners, make sure that you have them sign a confidentiality agreement.
Why Is It Important To Apply For A Patent?
Patents are critical to protecting your technological innovation and any associated financial benefits. Every country has an individual intellectual property system, involved with various laws and institutional arrangements that facilitate inventive inventions and other technological works. Here are some of the crucial reasons why you should apply for patent protection:
Protects From Competitors
Patenting a product is a legal process protecting an innovator’s invention from being copied or patented by others. A patent is crucial to preserving an inventor’s design until it’s ready to be publicized.
Keeps The Business Relevant And Competitive
There are plenty of innovative ideas and inventions that can help a business to succeed and thrive. Innovation is still very much a part of the company in this modern-day and age. Many business owners take the time to implement new ideas to ensure that their business stays competitive. In protecting your product from competitors, patents also help you to stay ahead of them.
Improves Brand Awareness
There are numerous benefits to applying for patent and trademark protection on your products and technologies. One such benefit is that it increases brand awareness. This is essential, because, without it, products and services will never find a market. Consumers trust businesses that are known for quality and reliability.
A patent is an excellent opportunity for marketing and promotions. You can sell your products directly to end-users, and promote them as invented and patented by your business. You can also promote your product to companies, and earn royalties if they sell it.
Gives A Higher Profit Margin
A patent normally allows you a higher profit margin. If you patent your product, you’ll have a monopoly over your technology’s sale and can dictate the price. This is one of the most important reasons to patent new products.
Innovation has played a key role in how the economy has grown. Without innovation, the world would become stagnant, with the same old products and methods. Innovation has helped to fuel growth in a way that nothing else could. It’s allowed businesses to use new techniques, new markets, and new forms of products and services to make their lives easier and their businesses more profitable.
New technologies, especially in the field of Artificial Intelligence are applying for patents. If you have a new invention, then you should apply for a patent as well. This will help you to stay ahead of the competition while protecting your innovation. It also allows you to earn passive income through royalties if you sell to other businesses. If you choose to sell the product yourself, you can get a higher profit margin; since you likely hold the majority of the market share, you can dictate the price.
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