Patent LayerThe most valuable property of every person is their intellectual property. If you have a unique idea that can be turned into a profitable business it is important to protect it. You can protect your idea with a patent. Patents support products and process, and not limited to high tech technology.

Ideas surround every aspect of human life. Your idea can also be a useful improvement to an existing patented invention. It is quite unfortunate that some patents are stolen ideas. We share our ideas with friends, colleagues, and relatives, but we forget that they can possess it and use it for their benefit.

The process of protecting an idea is governed by laws and policies. In the case of patenting, you will require an agent or attorney to take you through this process: the exercise can be quite expensive if you do it alone. It is less costly if your idea is a viable business opportunity and targets an untapped market.

Patent application process

The patent application is the first and the most important stage which requires serious consideration. In this stage, you will have to understand the patenting process and do research to determine if your idea is unique. In this process, you need to set goals, seek resources, set timelines and document your idea. You can avoid patent application rejection by letting a lawyer do the prior art search.

Sometimes the patents are challenged in a court of law by a third party. In this case, you need a good lawyer to defend you from this and similar situations. Through your lawyer, you can enforce the patent and participate in lawsuits. If your idea is patentable, your attorney should assist you in drafting the patent application and amend it against rejection.  The lawyer will ensure that there are no loopholes in your application.

You need a patent lawyer to advise you on the available patenting treaties and policies in your country and region; some patents can be obtained from international authorities. After patenting your idea, your lawyer can easily take action against patent infringers. When filing an application in a foreign country, some governments will require you to be represented by a patent lawyer who is qualified to do business in that country.

You may want to consult lawyer before choosing a particular strategy or any available option in the patenting system. If your idea reads on another patent, then you have two options: consider taking a license from the prior patent holder or assess a potential infringement. A patent lawyer should help you set the laws surrounding your idea and also interpret the laws on other patents.

Idea PatentBenefits of patenting an idea:

  • A patent can add value and the viability of a startup or a company
  • Patenting an idea prevents copycats from stealing it and using it to their benefit.
  • A patent can be used as an asset for a company
  • A patent can be used to attack your competition and generate revenue by dominating the market.
  • Patent portfolios will not only protect smaller companies and startups inventions, it generates large sums of money when they are sold, licensed, and transferred.
  • Patents can be used to recover the investment of a company when they are auctioned.
  • Getting a patent will attract venture capitalists (VCs) to invest in your idea or get government funding.
  • You are granted a territorial right to a product or a process if you successfully apply for a patent.
  • A patent gives you the power to license parties to use your idea on mutually agreed terms for a given period of time (20 years).
  • A patent gives you recognition for your creativity. It is a way of marketing yourself.

Stemp & Co for patent law

Patenting a unique idea can pay off in the longer run. If you fail to patent your idea and the product or process is successful, other will take advantage of it. Considering that someone might patent your invention first, hiring a patent lawyer may be the best option for you. If you need assistance in patenting your idea, Stemp & Co has qualified and certified lawyers ready to take you through the entire process. Having lawyers do the job ensures that your idea is secure.