If you have invented something it is incredibly important to get your idea patented. While it can be a long process and cost money it’s necessary for a number of reasons. Not only does getting an idea patented to protect it against being copied, but it also protects your company’s ability to do business. Sharing your concept with investors is inevitable and by having a provisional patent no one will be able to steal your idea.
There is always competition in any market, so don’t allow all of your money and effort to go to waste by opening the door for someone else to file a patent for a product or concept that you’ve created. Furthermore, when you get an idea patented it allows you to receive licensing fees and increases your market position.
Here is a simple breakdown of how to get your ideas patented.
First, you must fill out a patent application with IP Australia. You can do so on their website or have a patent lawyer file an application for you. In the application, you will disclose the product, concept, or process. Once the innovation patent is granted it is published in the Australian Official Journal of Patents as well as on IP Australia’s website.
After the standard patent, the patent application is also published which makes your idea public knowledge. There are benefits to this because it gives you the right to stop anyone who infringes on your standard patent. It’s also necessary so that others can advance technology.
Once the application is filed it is then examined. The patent examiners are checking your innovation for technical requirements that include the subject matter, the newness of it and how useful it is. There are three months after the examination process for other parties to have the chance to oppose or challenge the grant for your patent.
When the examination is over and there has been no challenge or opposition your patent is then granted. The maximum amount of time for a standard patent is 20 years or 8 years for an innovation patent. During that time it is subject to payments of annual renewal fees.
Being a patent holder provides you with a few rights, including, the ability to obtain a court order to stop competitors from infringing your patent. Furthermore, you are capable of granting a license to another person or business to commercially exploit your patent in return for royalties, licence fees, or other payments. Lastly, you’ll be able to sell your patent or gift it to someone else in your will.