At Innovateur, we are passionate about helping new inventors and entrepreneurs to get started on the right foot. As a result, we get many of the same questions a lot! Here is a list of questions and answers to some of the most common questions we receive.
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What’s the easiest, quickest and most cost effective way to protect my invention/technology?
Using a Provisional Patent Application (PPA). This gives you a 12 month safety net to do initial market testing and validation. You also get to claim “patent pending” status.
I’ve developed and patented a new technology. This should mean I have a high chance of successful commercialisation, right?
Not necessarily. The value in a patent only goes as far as it’s utility once the technology has entered the market. Patents are useful for protecting existing market share, and form a tangible asset to transfer as part of a merger or acquisition. However, if the IP never gets to market it’s as useful as a block of ice to an eskimo.
How will my technology and patent be found? Through patent registers?
Unlikely. Patent registers are useful for one purpose only – to know your competition and find ways to get your own patent granted. We come across too many patent holders who wait by the phone expecting a call from a global company ready to licence their IP. You’d have better luck buying a lotto ticket!
Do in-licensing companies expect a market ready (perfect) prototype?
Not at all. In fact there are a number of companies prepared to see a sketch on a napkin. While some have tighter policies around idea submissions and have high expectations, this is usually an indicator that they’re playing catchup when it comes to innovation – they’re more fearful of what they have to lose than what they could gain, and therefore they wouldn’t make good commercialisation partners in the first place. On the other hand, the further along your prototype, the more negotiating power you will have.
When I license my IP, do I still own the patent?
Yes. A license agreement is different from a sale of IP. It is the lending of rights to use IP with certain terms and conditions over a set period of time. Just as a landlord owns and rents out their house, an inventor owns and licenses their IP.
Innovateur helps large organisations source new innovations, technologies and solutions from the Asia-Pacific Region. We provide advice and assistance with open innovation programs, licensing, and IP strategy, while also assisting inventors, startups and SMEs with the commercialisation of their IP.