Patents
Patents protect new technical developments.
- → The value of a patent
- → The details
- → Got a great new idea?
- → Is somebody infringing your patent?
- → Has somebody notified you of their patent?
- → Commercial intelligence
- → Do you know what is in your patent portfolio?
- → What about trade secrets?
The value of a patent
A patent is a commercial asset which gives its owner exclusive rights in a particular technology. Patents can be used to limit competition and/or generate new income streams.
A patent can be used to stop your competitors making, using, importing or selling the products and/or processes covered by the patent.
Instead of stopping competitors, the owner of a patent might instead ask for a royalty or licensing fee.
Patents can be valuable marketing tools and assist in supporting an innovative business culture.
The details
Standard patents last for up to 20 years. To qualify for a standard patent, the product or process must be ‘new’ and ‘inventive’. ‘New’ means never previously publicly disclosed.
The inventiveness standard for an Australian patent is rather low. It requires a variation over existing products or processes, where that variation is not routine or obvious.
Innovation patents are intended to cover even lower level inventions. Innovation patents last for up to 8 years. To qualify for an innovation patent, the product or process must be ‘new’ and ‘innovative’.
The ‘innovative’ requirement is a very low threshold. Even routine or obvious variations of existing products or processes can qualify for the protection of an innovation patent.
Got a great new idea?
Then talk to us! We would be pleased to hear from you.
WADESON works with you to capture the important details of your invention in a full and thorough patent application, so that you are best placed to obtain commercially meaningful patent protection.
It is important to keep your invention secret until your patent application is filed. If your invention is not secret when your patent application is filed, it will not be considered new, which means you may not qualify for protection.
If your invention is not secret (that is, there has been a non-confidential disclosure) and you are interested in pursuing patent protection then contact us urgently. Some countries, including Australia, have grace periods which may save you.
Is somebody infringing your patent?
Contact WADESON immediately if you become aware of others making, using or selling your patented product or process. Delays in dealing with infringers may affect your legal options and ultimately your bottom line.
You should avoid making accusations about infringement without first seeking advice. An accusation improperly made can be an offence (even if your product or process has been copied).
Has somebody notified you of their patent?
If so, please contact us quickly. Professionally prepared allegations of infringement and letters of demand typically included relatively short response periods. A prompt professional response is usually the most cost effective approach.
WADESON approaches disputes with your commercial interests in mind. By way of example, if it appears more cost effective to change your product or process than engage in a legal battle we will say so. Of course, we are also there for you when it is time to stand your ground.
Commercial intelligence
Millions of patents are stored in searchable international patent databases. A skilled patent searcher can mine these databases for valuable commercial intelligence.
Use WADESON to be the first in the know. Find out, before the rest of the market, about your competitors’ latest developments, new players moving into your technological space, what areas your competitors are moving into and identify the key inventors in a particular field.
Searching can save research and development dollars. A search of patent records reduces the risk of re-creating something that has been done before, or worse, that would infringe someone else’s patents. If you are launching a new product, it is a good idea to make sure you will have freedom to operate.
Searching is often recommended prior to filing a patent application. Searching patent records helps to identify the key inventive new features of your product or process. This in turn provides guidance on the scope of protection available. Such guidance can help you decide whether seeking patent protection is the right strategy for your business.
Do you know what is in your patent portfolio?
Regular review of your patent portfolio is important to maximise its value to you.
Regular portfolio reviews help you stay on top of the coverage of your patents so you are best placed to identify market opportunities or infringements. Reviews may identify opportunities to license your patents into other markets; or you might find that one of your competitors should already be paying you royalties.
Portfolio reviews also identify patents that are no longer valuable and should be terminated. By way of example, you might choose to terminate a patent when the technology it covers becomes obsolete.
WADESON can help you link products and profits with the income generating patents. We will go over your patent portfolio and business plan with you to identify the strategically important patents, the ‘nice to have’ patents and the patents that do not match the plan.
Contact WADESON if it is time to have a review and spring clean of your portfolio.
What about trade secrets?
Relying on trade secrets instead of patents can look easy. Unfortunately, once problems occur you have a very difficult and expensive situation that can leave you with no rights to the invention at all.
To maximise your chances of securing your intellectual property rights, discuss your patenting options with WADESON.