The importance of patenting your products
When you create a new product, design or process, you’re likely to invest significant research and development in the process of bringing this invention to life, so it makes sense that you protect your idea from being used by someone else and profiting from it without your consent.
If this new concept or creation is something that could be a gamechanger for your industry or make you a lot of money, then you should consider patenting it.
What is patenting?
Patenting is a way to legally protect your intellectual property (IP) from being used or reproduced by others. In other words, you get exclusive rights to your invention, and if someone wants to use it, they need your permission.
You can patent almost anything, but it needs to meet certain criteria:
- It needs to be new and provide some novelty that isn’t part of existing knowledge
- It needs to be useful and capable of being applied for a purpose beyond just an idea or theory
- It needs to be non-obvious, which means it needs to be sufficiently different from other inventions and can’t just be an expected evolution or change to something existing
Why patent your invention?
There’s commercial value in your idea, whether for your company or others, and by patenting, you have some control over the use of it and the opportunity to profit from it.
The benefits of owning a patent are the following:
- It positions you ahead of your competitors because they can’t use, reproduce or sell your patented invention without your permission
- A patent can help you grow your market share and increase your revenue, be it from new or future sales or royalties
- It can help attract investors and/or help grow your business
To patent or not to patent
While there are many advantages to patenting a product, remember that it’s not a guarantee for business success. If you have an inventive idea, it’s wise to do research to see whether it, or something like it, doesn’t already exist and check that the benefit of getting a patent outweighs the time, admin and money required to get one.
For more information on the application process and what’s required, visit the Companies and Intellectual Property Commission.