Every business plan should include an IP strategy (intellectual property), to maximise the value of your intangible assets. Patents, which provide a 20 year monopoly for new inventions, can be a valuable part of your portfolio.
Patents protect function, not form
Patents relate to technical innovations, not style. What matters for patentability is how things work, not what they look like. Whether developing a new product, improving an existing product, or creating a better industrial process, your work may be eligible for patent protection.
Identify your work in a potentially patentable field
Patents are not limited to any particular industry. Technology from fields as diverse as food processing, plumbing, fertilizers, propulsion, kitchen appliances, mining, pharmaceuticals, bicycle parts, fencing, or domestic tools can all be patented.
Software patents can be tricky
Some software innovations can be protected by patents, particularly if they interact with physical systems. The legal tests for protection of software remain in a state of flux internationally, and the unique wording of New Zealand’s restriction is yet to come before our High Court. Don’t automatically rule out patent protection as a possibility.
Keep it secret
To meet the requirements for patentability in many countries, your invention must be kept confidential until you have filed your patent application. Once your invention has been disclosed, whether by use, sale, or publication, your options for protection become more limited, and time limitations may apply.
Consider all your options
Inventions that are vulnerable to reverse engineering are particularly suitable for patent protection. For other projects, you may be able to keep your innovation as a trade secret, or you might choose to rely on alternative protections such as copyright, or the selection and protection of a strong trade mark. An informed decision should be made while your project is still confidential.
With over 20 years’ experience in intellectual property law (“IP”), Virginia Nichols also spent over three years deciding disputes about trade mark and patent registrations. Her advice to avoid problems is simple – think strategically and act early. Getting the right IP protection in place can avoid time consuming and costly legal disputes.
If you would like to discuss your intangible assets, please contact Virginia Nichols.