Patents... things you need to know 

To patent or not to patent

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Strictly speaking you don’t need a patent, you can develop and release your product without getting patent protection. However, without patent protection, you firstly run the risk of someone else acquiring the legal rights to your new product idea and its technology, and secondly, if the plan is to license, sell or raise investment for your project, you will find it near impossible to succeed with the plan without a patent protection in place. For it’s the legal exclusive right a patent provides that manufacturers and investors will demand to trade with you. So while a patent may not be an absolute requirement, patents are a strategic tool that safeguards your intellectual property, fosters collaborations and bolsters your endeavours in the competitive market.

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Patents are a sword not a shield

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It’s often assumed that once you file a patent, it provides an exclusive right to pursue a project without interference. It does not. Patents should be viewed as a sword rather than a shield. While patents lack the ability to 'prevent' infringements by others, they do valid rightful ownership over a particular technology - providing the authority and mandate to take legal action against anyone who infringes, violates, misappropriates or replicates without your permission.

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Patent infringement

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Patent litigation for infringement is exorbitantly costly, making it impractical for the majority. Rather than grappling with the aftermath, your focus should be averting the circumstances in the first place, that could lead to such a situation. Infringement is linked to opportunity, and if there is no opportunity there will be no infringement. To close the door on others finding the opportunity, you must examine all possibilities and obtain protection on the ones that have commercial merit.  

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Legal expense cover

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The cost of prosecuting or defending (IPR) intellectual property rights through the courts is for most prohibitive (in excess of £350,000). This unfortunately means that those with deep pockets have the ‘upper hand’ and those with limited resources can be left defenceless.

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Intellectual Property Insurance protects the owner of an intellectual property right and pays costs to take action or defend infringement claims up to the policy limits. Cover is central to most intellectual property management strategies and is available to private inventors / small start-ups, SME clients with a varied IP portfolio and large corporations with a large number of IP assets. 

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Filing a patent and nothing else

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A common approach many inventors and innovators take, is to file a patent and then do nothing. While this can serve as a deliberate tactic to establish a robust protective barrier, it's important to note that this approach isn't applicable in the majority of cases. If you aren't willing to actively advance or commercialise your project, the rationale behind filing a patent and potentially congesting the Patent Office becomes questionable. In such a scenario, it might be more practical to save your money and forgo the patent filing process altogether.

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You need to know this

 

If your intention is to sell or licence your patent / raise investment, eventually a Patent Attorney from the opposing side will become engaged. If they identify weaknesses, exploit vulnerabilities, or find ways to work around it, any potential deal will either be off the table or not be to your advantage. No self-respecting manufacturer or investor etc purchases, licences or invests in intellectual property unless they have strong reasons to do so and it effectively safeguards their interests. The pathway to success therefore lies in ensuring your intellectual property position stems from a fully developed product and a precisely defined specification.

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Hoping for a knock at the door

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Once your patent is published, don’t expect buyers, licensees and investors to be beating at your door, hoping to get a piece of the next big thing. This simply does not happen. In order to effectively monetise and capitalise on your patent, a proactive approach is essential. You must actively initiate engagement, dedicate your efforts and take the initiative to propel its commercialisation forward. Without this proactive and hands-on approach, the potential of your project will not translate into the expected financial outcomes.

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I just want to sell my idea

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If anyone tells you, you can sell or license your idea, they are lying to you. Most manufacturers only entertain already established commercial products. If no commercial development has taken place, you are essentially asking the manufacturer to undertake this work. And they are simply not going to do that.

 

Commercialising a concept often creates new technical content that is absent in the patent application. As a result, those that commercially develop or pay for the commercial developments will want ownership of the final specification - which often leads to ownership conflicts that are difficult to resolve. ​