Why Should I File a Patent?

The reasons for filing a patent application are as varied as are the reasons for the existence of the vast numbers of industries, businesses and products that populate our daily lives – but the main reason that dominates an applicant’s decision to file a patent (or any Industrial Property for that matter) is to maintain an advantage gained through brilliant innovation, small hard-earned incremental advances or even through good luck.

Filing a patent application is all about maintaining and exploiting a market or a technological advantage. A patent allows its owner a legal means to prevent would be competitors from gaining a foothold into a particular area of commercial endeavor that would not otherwise be possible. Patents can be used positively as a means to capture an area that needs to be developed, or they can be used negatively as a deterrent to unauthorized copiers. Either way they are a formidable commercial tool.

Patents provide the platform for making important commercial decisions – they are all about how best to use limited capital resources for greatest impact. It has been said that Patents allow innovators to gain vital bridgeheads into technical areas which can be exploited to:

Consolidate a Strong market position.

Provide new Revenue streams through the licensing or sale.

Gain investment funds to develop and market new products.

Increase in negotiating power through cross licenses or Joint Venture agreements.

Provide the basis for a company culture based on innovation, brand presence and design.

Provide a positive image to potential investors, customers, manufacturers and distributors

Attract and retain key personel enabling new products to be developed further and

Secure Overseas markets, distributors and alliances.