There are many possible advantages and disadvantages of patents. When deciding if you should apply for a patent, you should look at your invention and consider the risks of not patenting it against the costs of doing so.
Advantages of patents
- A patent gives you the right to stop others from copying, manufacturing, selling or importing your invention without your permission. See protecting intellectual property.
- You get protection for a pre-determined period, allowing you to keep competitors at bay.
- You can then use your invention yourself.
- Alternatively, you can license your patent for others to use it or you can sell it. This can provide an important source of revenue for your business. Indeed, some businesses exist solely to collect the royalties from a patent they have licensed - perhaps in combination with a registered design and trade mark. Seehow to license a patent.
If you're considering securing trade mark protection, see benefits of trade mark registration.
Disadvantages of patents
- Your patent application means making certain technical information about your invention publicly available. It might be that keeping your invention secret may keep competitors at bay more effectively.
- Applying for a patent can be a very time-consuming and lengthy process (typically three to four years) - markets may change or technology may overtake your invention by the time you get a patent.
- Cost - it will cost you money whether you are successful or not - the application, searches for existing patents and a patent attorney's fees can all contribute to a reasonable outlay. The potential for making a profit should outweigh the time, effort and money it takes to get and maintain a patent. Not all patents have financial value.
- You'll need to remember to pay your annual fee or your patent will lapse.
- You'll need to be prepared to defend your patent. Taking action against an infringer can be very expensive. On the other hand, a patent can act as a deterrent, making defence unnecessary. Read more about patent protection and enforcement.
Patent costs and marketing considerations
Because patents are territorial, you will only be able to stop competition in the country in which you hold a patent.
If you believe your invention has potential in other countries, and you intend to develop those markets, you will also need to budget for the cost of applying for a patent in your target market., You may be able to offset this cost against the patented item's projected income over the lifetime of the patent. Find more information on protecting patents abroad and protecting intellectual property abroad.
Once your patent application has been granted, see how to manage your patents.
