How To Get A Patent – Discover More..

Intellectual property can be quite a crucial business tool, although not everyone thinks with enough concentration about protecting their big ideas. In 2001, plumber Brad McCarthy got stuck on a remote beach in Cape York in north Queensland and spent about 6 hours getting his car by helping cover their a hand winch. He knew there should be an improved way. In reaction, he invented Maxtrax, a light-weight vehicle-recovery device for bogged off-roaders.

After designing the super-tough nylon product, he attended a Queensland Government business seminar, where the advisers stressed getting patent protection before his idea was publicised. “Among the first things we did was talk to a patent attorney to find out how you could protect the idea,” says McCarthy, who launched Maxtrax in 2005. It is now sold in about 30 countries worldwide. McCarthy has patents in key markets such as Australia, Europe and also the US, as well as the business even offers a trademark on the distinctive original “safety orange” hue it uses for its moulded product. Unlike McCarthy, however, many inventors and businesses with a great idea cruel their chances of success from day 1.

Their big mistake? Ignoring patents or other Inventhelp Patent Referral Services before they spruik their idea to investors, people or even friends. It may be a costly error. Bradley Postma, principal at patent and trademark attorney firm Cullens, says small, and medium enterprises (SMEs), specifically, often neglect safeguarding their IP or think it will probably be too expensive. “The majority of protectable IP goes unprotected,” he says.

Europe can be quite a particular trap for exporters because, unlike some other major markets, it lacks a grace period allowing for public disclosure of your invention without affecting the validity of the subsequent patent application. That opens just how to have an idea or product to become copied. “In Australia and the United States you can do something about it, provided you’re inside a one-year window – in Europe you can’t, it’s too far gone,” Postma says. “In that case, businesses have shot themselves inside the foot; they’ve forfeited their rights and everyone can copy [their idea].” Postma observes that company owners often think their idea is just too easy to warrant a patent. “However, if it’s successful and uncomplicated, it will likely be copied and you have to get advice.”

Unitary patents on way – Margot Fröhlinger is principal director of unitary patent, European and international legal affairs at the Munich-based European Patent Office (EPO), which oversees about 160,000 patent applications annually. She recently completed a road trip warning Australian firms that poor patent and IP safeguards could derail their European market opportunities. Companies must innovate – and protect their inventions. “You need the protection of the IP and, specifically, patent protection in order to get a good return on your own investment,” she says.

Many international businesses have baulked at exporting to Europe due to complex patent processes across multiple jurisdictions that may lead to potentially high costs and marginal protection. However, the EPO is promoting a new unitary patent system that promises to become a game changer. This makes it easy to get protection in approximately 26 participating European Union member states with all the submission of any single request to the EPO.

A November 2017 EPO study, Patents, Trade and FDI in the European Union, suggests better harmonisation of Europe’s patent system has got the possible ways to increase trade and foreign direct investment in high-tech sectors, delivering annual gains of €14.6 billion ($A22.8 billion) in trade and €1.8 billion (A$2.81 billion) in foreign direct investment.

Fröhlinger believes Australian businesses across all sectors have opportunities to expand in to the European market, which boasts more than 500 million people, high gross domestic product and robust consumer demand. “It’s very important for Australian businesses to know that there is a big change ahead in Europe. I’m not talking just about Idea Help,” Fröhlinger says. “It’s very important with an integrated IP portfolio considering patents and trademarks and (covering) design. When they don’t have (IP) individuals-house they need to try to get strategic business advice.”

The price of intangible assets – This call to action for Australian businesses may come as the worldwide Innovation Index 2017 reports on countries’ IP receipts as a portion of total trade. In essence, the measure indicates how a country is performing on the IP front. While Australia scores well with regards to inputs into research and development, the usa (5.1 per cent), Japan (4.7 percent) and Finland (2.9 %) easily outperform Australia (.3 per cent) on IP royalties.

Your message? As a general rule, Australian companies are not good at converting research into value and treat IP nearly as an administrative function. The exceptions are health tech leaders, like medical device company Cochlear and sleep-disorder business ResMed, which understand the value of intangible assets including brand name and data use, and build their businesses around it.

In a knowledge-based economy, IP has turned into a crucial business tool and governing it is not just a matter of organising trademarks and patents. Intangible assets are rapidly increasingly important than kxwlfd assets and require appropriate consideration.

A review of Australia’s top listed companies, released by Invention Ideas Website in September 2017, endorses this type of sentiment. It reveals that 38 per cent in the companies’ value (about A$550 billion) will not be included on the balance sheets; this suggests that investors are operating without insights in to a significant proportion of the corporate asset base.

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