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Patents

What is a patent?

A commercial asset which gives its owner the right to stop others making, using and selling versions of a new product and/or process. more

How long does a patent last?

Usually 20 years.

Why file a patent?

  • To preserve profit margin by guarding against imitators.
  • To generate new income streams by licensing.
  • To demonstrate to the market that you are innovative.
  • To attract investors.
  • To foster an innovative business culture.

Can you patent an idea?

If the idea is a new product or process that has practical advantages, we call it an invention and there’s a good chance that it’s patentable. more

How to patent an idea

The process often starts with a provisional application followed by non-provisional application(s) about 12 months later. The non-provisional application(s) are then examined to check that the invention qualifies. A patent is usually granted shortly after an application passes examination. more

How much does a patent cost?

Getting an Australian patent often costs about $17,000 + GST over about four or five years. International strategies often cost about $100,000 + GST over the first four years, e.g. if you aim to cover several individual countries plus Europe as a region. more

Can you sell a patent?

Yes: Patents are commercial assets that can be bought and sold like other assets. They can also be licensed to generate royalty streams.

What does ‘patent pending’ mean? 

A: A patent has been applied for but not yet granted. more

What is a provisional patent application?

A place marker that reserves your priority to patent an invention. more

Provisional patent - reserved sign