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