There is sometimes a little confusion about what can be patented. Any new inventions or technologies can be protected. However, a patent is only part of the protection to can build as part of an effective IP Strategy.
Since 2015, the number of Australian patents has grown by over 10%. According to IP Australia, the publisher of the Australian Intellectual Property Report, more Australian companies than ever are applying for intellectual property rights to protect their newest brands, products, and ideas. This suggests that Australian companies are gaining a competitive edge in both regional and global markets.
Surely, I only need a patent, right? Why do I need an IP Strategy?
A patent gives you the right to sole commercial exploitation of the technology – but only if it is found to be sufficiently new and inventive.
Of course, as soon as you apply for a patent, you are revealing the invention or technology to the public – so the timing and other protections need to be in place before this happens. For instance, you need to make sure that your technology is literally new – meaning that it has never been published or sold anywhere in the world before. There are other considerations as well – it should not be a non-obvious solution to a technical problem; and in some jurisdictions software and medical treatments can be excluded. Your IP Strategy will need to consider these aspects when planning to protect your idea.
Australia has close economic ties with many large overseas markets such as the United States, Japan, and China. Having your invention protected allows you the confidence to invest and promote your products into these markets. Expanding market access can be very rewarding but it also increases the risks of third-parties stealing ideas. To mitigate these risks, your IP strategy should also include methods to monitor and protect your ideas.
Franke Hyland, specialises in intellectual property (IP) law, handling trade marks, patents, and designs in our growing economy. Since they focus only on IP Law, they do not conflict with law firms that are providing other legal services to clients. Many innovative law firms view Franke Hyland as a valuable partner to handle their clients’ IP needs.
Need help with your IP Strategy? Download our free 10 point checklist.