Patents create value for your company: they exclude other people from doing exactly what you’re doing, generate income through royalties and attract investors to your portfolio.
A few words of advice from Gowling’s patent agent Victoria Heppell:
“Intellectual property gives you the freedom to operate and practice your own invention.” But are there people that may block you from doing so? Do some searching to see what other patents and applications are out there – you don’t want somebody else to come forward and gain partial ownership of your idea.
“Obtaining IP is an expensive process.” Look for cost effective strategies and find ways to reduce some of these costs. Take a look at where the markets are and what strategies exist for filing.
Interest in hearing Victoria’s whole Best Practices presentation? You can find it here: