The intellectual property of your business is one of its most valuable assets. As such, it needs to be carefully and properly managed. The success or failure of your business may hinge on the management of its intellectual property, especially in relation to IP protection.
Without intellectual property protection, such as a patent, a new invention is just an intangible idea of questionable value. A patent or a registered design provides a legal framework over which to assert a monopoly over your innovation or idea and prevents a third party from copying your idea and unfairly profiting from it.
What is a patent?
A patent protects the way a device works, or its function. A granted patent provides you with a twenty year monopoly on your idea, protecting it from imitation and allowing it to be sold or licensed. Patent applications are lodged with the patent office of the country in which protection is sought. The Australian patent office is called IP Australia.
How does the process work?
Lodging an Australian provisional patent application is usually the first step in obtaining one or more patents anywhere in the world and will protect your invention for 12 months. After filing a provisional patent application, a patent search is usually performed to attempt to identify relevant prior art. This will give you an indication of how likely it is that your patent application will succeed, and how to prosecute your patent application in later stages of the application process.
To pursue further patent protection, a complete application will then have to be filed within 12 months of filing a provisional application. This can take the form of a PCT application that will mature into national phase applications lodged in the countries in which you seek protection, or direct applications filed individually in the countries you elect.
Why do I need a patent attorney?
Whether a patent will be truly effective in keeping competitors away from your idea depends, amongst other things, on how well your patent application is written and to what extent it is drafted to anticipate how copiers might try to get around it.
It is critically important to spend the time identifying the angles that competitors may come from and covering the idea as thoroughly as possible from the outset. The risk of spending significant amounts of money on patenting your idea, only to be side-stepped by a clever copier at the last moment, needs to be mitigated as much as possible. This is why it is vitally important to have your patent application professionally prepared by a patent attorney.
This site is sponsored and administered by:
Baxter IP is a leading Sydney patent & trade mark attorney firm specialising in obtaining international patent protection for its clients. Their clients include a number of well known multinational corporations, small businesses, venture capital firms, new business start-ups, entrepreneurs and not-for-profit organisations across a broad range of technologies.
The team at Baxter IP pride themselves on observing the highest standard in quality of work and advice to give their clients an unrivelled edge in their attempt to secure patent rights internationally and then capitalise on their IP investment.
For a firm that specialises in protecting intellectual property in important markets such as the United States, Europe & China, contact Baxter IP.
Important Disclaimer: The information on this website is not legal or professional advice. The information may:
- not be correct;
- only relate to the law or practice in a given country; and/or
- be outdated.
For more information, please contact the Site Administrator: Baxter IP.