If you are having great ideas for the latest products along with materials or process, then it is the rightful time to take some preventive measures in protecting the property. The best possible option is protecting it via a patent.
A patent is nothing but a governmental grant that provides you the exclusive right in making the sell and use the particular invention for couple of decades from the date you file your application.
Patenting the invention can help you to
- Attract investors
- Protect your ideas from the other competitors
- License or selling your ideas to others
An individual can apply for a patent if you are inventing something latest or if you have plans for improvement on an existing invention.
In order to be eligible for a patent your invention must me in the following areas:
- Novel- The invention should be first of its kind in the entire world
- Useful- The invention that you have done must be functional and quite operative
- Inventive- The particular invention of yours must have the tenacity in showing ingenuity and absolutely not be obvious to others as being said by individuals providing Canadian Patent Application.
Before the investment one is advice to go through the entire Canadian patent database and see if the invention has already been patented. If it hasn’t been patented you will wait in deciding if the benefits of patenting outweigh the costs for the commercial standards.
Keep it in mind that if you are granted a patent for an improvement to an existing invention you need to get a license from the particular owner from the original invention before using it. Controversially, if the original patent holder wants you to use your improvement, they will have to sign a licensing agreement with the particular individual as being said by various individuals providing Canadian Patent Application.
It is to be noted that if you are granted a patent for an improvement to an existing invention within the geographical boundaries of the country but not internationally. If you would like to protect your invention in other part of the country you would want to file separate patent applications as it has been said by individuals providing Canadian Patent Application.
By providing in inventors with monopolies on their creation for a specific period, a patent protect investments and allows the investors to profit financially from their creativity. This allows in getting a lucrative incentive for various research and development.
Without the possibility of patent protection, numerous people might not take the risk of investing the time or money which is being needed in creating perfectly new products. Without such activities the economy might suffer.
Patents do more work than earning money. They are also a way for people in sharing or cutting the edge and information. Each patent document describes the latest aspect of a technology in clear and specified terms and is being available for anyone who is to read. This makes them vital resource for business related purposes and academics and others who need to keep up with developments in the respective fields.