To Patent or Not to Patent?

INTELLECTUAL PROPERTY

Here we have our suggestions and turn on Intellectual property through our personal experience of I.P.Lawyers, Patents, Trademarks, Design Right and Copyright. We have a few unique suggestions as a small business that has had a crash course in I.P. and the various pitfalls of I.P. from; facing a lengthy & costly patenting process to obtain a patent and dealing with a trademark infringement challenge with one of the worlds biggest internet brands & succeeding.

Please consider the following question and statements:

Do you need your idea protected or not, and what are you prepared to gamble? Finances & Time?

No.1 Are you prepared to invest the time and resources to obtain a patent for your idea or product? If so you need a realistic financial plan and funds for a lengthy & costly legal process that realistically may take 4 to 5 years before you see a return on your investment. This does not guarantee a water tight patent that hasn't already been super ceded or become out of date before you get it to market. But with a good idea and patent you could potentially have a very lucrative & legally protected product long term.

Or

No.2 Alternatively with the same resources, finance, time and energy forget a patent & take the risk of being the first product & brand to market. Could you prototype, tool and manufacture the product and saturate the market before the competition catch on. And invest in building a brand synonymous to the product and identifiable to the consumer, start turning a profit and create something more powerful than a patent.

Before even looking at developing a product and considering a patent ask yourself?

What is your Long term goal?
To establish a business around a product? Manufacture?
Or License the product? Sell product/ concept? Build a range of products?


Do you have a Budget for the following?
Prototyping
IP; Intellectual property i.e. patents & protection of idea.
Business Plan, Manufacturing, Marketing
Total Budget?


Do you have a time scale?
Sampling
Final prototyping
Branding
IP: Trademark & Patent
Completion Date/ Co. Sale

Do you have experience in this market or business?
Do you have routes to market?
Contacts in manufacturing/retail?
Existing company/customer base?

How are you protecting your idea? 
Have you disclosed details of your product to any 3rd parties? 
Do you have a confidentiality agreement? 
Do you have an IP Lawyer?
Have you filed Design rights?
Have you filed for a Trademark?
Have you filed a Patent?

If you are looking at developing a textile product please feel free to contact us for details on our business consultancy rates and services. Why not see if we are the right match for your project?

www.designovation.co.uk

info@designovation.co.uk

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