5 things you
need to know
about
Patents
- Patenting an invention is not easy. Many business people who consider patenting do not end up proceeding with the process. This is mainly because their invention is not unique enough to satisfy the rigorous patenting regulations, but also because patenting can be expensive.
- There are two main types of patents — innovation patents and standard patents. An innovation patent is a quick, easy and cheap way to protect the intellectual property of an invention that only represents a small development in the underlying technology. An innovation patent will protect your invention for eight years. You can also apply for an international patent.
- In contrast, applying for a standard patent is a more expensive, drawn-out way of protecting your invention. It does, however, offer longer term protection of 20 years. Your patent lawyer will advise you on which type of patent (if any) is most suitable for your business.
- You may also choose to register an international (PCT) patent. PCT stands for Patent Cooperation Treaty and is a system that 148 countries adhere to. The process of applying for, and being granted, a PCT patent is complex. A registered patent attorney will be able to guide you through the process.
- Patenting is a complex area of intellectual property law. It is hard to manage a patent application without the assistance of a patent attorney. Patent attorneys have distinct and sought-after skills, but it is still possible to get a fixed-fee and competitive price in the market.
