23/09/2019
A patent provides the right to prevent others from making, selling or otherwise exploiting an invention without the permission of the patent owner. There is however another very practical reason to consider patent protection when you have developed a new and inventive product or process – and this is to strengthen your position when seeking investment.
Starting a new venture will always require investment and before funds are committed investors will usually want to know what steps you have taken to protect your idea. In fact, the early years of a start-up are often focussed on getting investors on board and raising capital to fund product development, hire the right people and create a business from an idea.
A decision to invest in your burgeoning venture may turn on a simple question: have you filed a patent application for the product?
What many inventors do not realise is that you must file a patent application before there is any public disclosure of an invention (including any form of advertising, sales etc ) – and often by the time potential investors are found and start to show an interest in a new product it might be too late to seek patent protection.
The best approach therefore is to file a patent application early in the process, keeping in mind that you do not need a physical prototype of the product, although you need to be able to describe how the product works and what the invention is.
Also remember that patents are held on a country by country basis and to prevent your invention from being copied in, for example, the United States, you will need to hold a United States patent. Conversely, a European patent currently provides such rights in 38 countries (see this link for the full list https://www.epo.org/about-us/foundation/member-states.html).
Please contact us at contact@jpwhite.ie to discuss your protection requirements.
