MAKING THE MOST OF YOUR INVENTION…

Eureka! You’ve had that lightbulb moment, but what next?

Some of the most successful companies in the world are also some of the most innovative. Apple, Amazon, Dyson and Rolls-Royce are all familiar companies that use innovation to fuel their growth strategy and rely on protection from patents and design registration to protect their ideas. Innovating and protecting their innovations help them to grow by enabling them to offer unique products to their customers and create dominance in the market.

Trying to turn an idea into a commercial success, however, is far from easy and most ideas never progress past the drawing board. So, what steps can you take to give yourself the best chance of turning that lightbulb moment into a valuable asset for your business?

Unfortunately, there isn’t one easy answer and it will depend entirely on your individual situation. First thing’s first, however – you must identify that you have invented something potentially valuable before you can do anything.

“Invention harvesting” relies on your researchers/engineers having at least a basic understanding of intellectual property (IP). Without this, inventions could go unnoticed and their full benefit unrealised. Our experienced patent and trade mark attorneys can provide inhouse training to help you identify your inventions and we can also provide IP audits to evaluate your existing IP assets. Once you have recognised that you have an invention, the natural reaction is to shout about it but this could be catastrophic to your ability to protect it and so it’s important to talk to your patent attorney early on, who will be able to advise on the most appropriate next steps.

What those next steps are will vary depending on your individual circumstances but will generally include devising a strategy that considers how you can use your invention to deliver your business goals. You’ll also need to consider how you should protect your IP; should you file for a patent, a registered design, a trade mark, or perhaps keep the know-how in-house as a trade secret? In any case, it is fundamentally important that your IP strategy helps you achieve your overall business goals.

Admittedly, protecting your IP does not automatically lead to commercial success. However, an effective IP strategy can allow you to exploit an invention to its full potential. For example, filing a patent application can be attractive to investors, and may entitle you to put “patent pending” on your product. This can deter competitors from copying your product and create a unique space on the market. Also, owning a granted UK or European patent may permit you to claim tax relief through the Patent Box scheme, and can be helpful for obtaining R&D tax credits. The benefits available through these schemes should not be understated.

So, how can you make your IP strategy robust?

The first thing to do is look at your business across all of its activities and identify the core technologies or science areas that are critical for delivering your business goals. These are your Crown Jewels, the innovative areas that need to be protected at all costs to secure the revenue and profit that you have laid down in your business goals.

You also need to look at your business strategy; are you seeking investment for growth? Are you looking to buy a company or to be sold? Are you looking to license technology to create a revenue stream from royalties?

All these activities will require that certain IP provisions are in place.

Do you need an IP valuation, for example?

Do you have a technology or invention that is unique in the marketplace?

You can get an idea of the latter by using patent analytics.

Patent analytics can provide a valuable insight into the commercial potential of your invention. It can provide a useful indication of whether your idea might be patentable, whether your product might infringe somebody else’s IP, and could identify companies that might be interested in licensing your invention –another possible source of revenue. This information can be key when deciding how to best protect and exploit your IP as part of your IP strategy.

Once you have established the position on all the above, you can’t rest on your laurels. It’s important to continuously review your technology developments to make sure your new inventions are exploited to the fullest extent as advancements and developments may also be worth protecting and help ring-fence an area in your market.

Timing is also critical when implementing an IP strategy. Knowing when to protect your IP, when to apply for funding or investment, and when to launch your product to maximise the return for your investment. There are many ways to take an idea from the drawing board to a commercial reality. However, investing in a carefully crafted IP strategy that complements your overall business plan is generally one of the most effective ways to turn that eureka moment into a very valuable asset for your business.

Wynne-Jones IP has an experienced team of patent attorneys, trade mark attorneys and tech business strategists who can provide expert advice on all aspects of IP strategy, whatever size of company you are.

Should you wish to discuss with us further please contact Dr Christopher Hotchen on 01242 267600 or email chistopher.hotchen@wynne-jones.com