Could You Benefit From Intellectual Property Rights?
Inventors often say:
“Patents are too expensive, too easy to design around and anyway I could never afford to enforce any patent I get”.
Our response to this is:
Without a patent (or other forms of registered protection which might be appropriate) you have really no chance of preventing others copying your idea. Since they will not have had to incur your development costs or your costs in creating a market for the product, they will be able to sell more cheaply than you.
The mere fact that you have a patent - or have a pending application - will act as some form of deterrent in itself.
The patent disputes which get to Court, and which therefore cost a great deal of money at enforce, are those where it is a close call as to whether the patent is infringed or is valid. Most potential patent disputes are settled at an early stage.
If you are looking for external finance to develop your idea, potential investors will need to see that the idea is protected, as otherwise they will not invest.
A professionally drafted patent application shows others in your market that you are serious and gives your business credibility.
A patent can have a monetary value. If the product is successful, you can sell the patent - or of course licence it in return for a royalty.
Easy to design around? See "Is it true that people can get round a patent just by making some minor changes?"
On the other hand:
Patent protection is probably not worthwhile for fashion items or 'crazes' which are likely to have a short market life. The patent granting process takes too long to be effective at stopping infringers within a few months of a new product appearing on the market.
Registered Design protection though can be granted and be effective very quickly and may be the answer in such cases.
Can't I just keep it secret?
Well you can try, but once the secret is out, there may not be much you can do. There are only a few inventions where this is a practical possibility and others may be able to work out your secret, or when a member of your workforce moves on, they may take the knowledge with them.