Question: Should I patent my invention?Answer:
Deciding whether to patent an invention is largely a commercial decision.
The advantages of registering a patent relate to the protection it affords. A registered patent gives the patent holder exclusive rights to commercially exploit their invention. This allows them to keep competitors out of the market for a set period of time. During this time, they can develop a reputation and issue licences.
The disadvantages of registering a patent relate to costs. Registration is a costly exercise which a business owner needs to consider. Business owners must also consider the implications of patenting their invention, as a patent requires public disclosure of the invention.