Patents and the other forms of Intellectual Property
To round out Phase 5 we go through Patents, registered designs, circuit designs and plant breeders rights..
In Show 018 – Patents and the other forms of Intellectual Property was originally broadcast on Facebook Live on Wednesday 27 September 2017 .
Show Notes
Phase 5 of the Business Legal Lifecycle is all about intellectual property. Today, we are going to wrap up our section on IP by going into some more detail about patents and the patent process. Patents are used to protect an idea that is innovative. There are two kinds of patents in Australia. The standard patent lasts for twenty years while an innovation patent lasts for eight years. One thing to keep in mind is that a patent precludes new innovations on a product. A good example is the 3D printer which was quickly patented many years ago. This stopped other companies from improving the product and that slowed innovation. Once the patents expired the 3D printer market took off. Some of the benefits of patents include stopping someone from manufacturing your product. It also encourages companies to improve on new and innovative products.
The Process
The first thing you need to do is to determine whether your product is patentable. That is not an easy process. You have to ensure that your product is actually unique. You have to check against an enormous register of other patents. That’s not a cheap or easy process. You don’t necessarily need to get a patent to protect your rights but it is another added layer of protection.
You need a patent lawyer to help guide you through the process. You will have to pay a fee to make the actual application. It’s very rare that a patent will be immediately approved. It has to go through an examination process by patent experts.
Registered designs
Registered Designs detail what it is that is actually being patented. The costs leading up to the registration process is going to be the most expensive. You are going to need the right consultants lined up to guide you through the process so you need to make sure you pick the right ones. To be certified it needs to be a new and distinctive design. When that happens you will have the exclusive design. It’s not a quick process. It can take at least 6-12 months. Circuit designs are different. They are protected by copyright instead of patents.
If you are going to take your business international you are going to have to consider how to protect your IP overseas. You can get it registered in more than 100 other countries within 30 months of getting you Australian patent. Make sure when you get advice on international patents you understand what your fees are going to be in Australian dollars.
More about this Show
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.
