What are the advantages of getting a patent?

Question: What are the advantages of getting a patent?

Answer:

The main advantage of patents is the protection it provides. A patent gives you an exclusive right to commercialise your invention. This means that for the duration of your patent you will have a legally enforceable right to prohibit others in Australia from manufacturing your invention without your permission. It also means that you have the right to license others to manufacture your invention for a certain fee and within the agreed terms of the Licence Agreement.

Answered by Lachlan McKnight

Lachlan is the CEO of LegalVision, an innovative and tech-driven law firm. LegalVision is disrupting Australia's legal industry and transforming the way in which Australian businesses access legal services. He previously worked as a corporate lawyer and investment banker in London, Paris, Amsterdam and Hong Kong. Lachlan specialises in banking and finance, capital raising and startups.

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