5 Ways To Determine If Your Product Is Worth Patenting
The rate of Intellectual Property (IP) registration is an effective parameter for gauging innovation in the economy. In Canada, patent listing is steadily on the rise with an increase of 4.2% in the year of 2015. However, despite the positive trends in IP commercialization, a report compiled by a Genevan organization also revealed that Canada ranks 12th globally in terms of IP listing.
A key reason for this ranking is the fact that a large share of applications filed for a patent receive rejection. In the first quarter of 2017, out of the 6170 patent applications filed, only 5183 were granted. Hence, it is crucial for businesses and individuals to evaluate the product or design for which they are filing for a patent carefully to ensure its successful registration.
Here’s a closer look at the factors which determine if your product is worth patenting:
The Canadian Intellectual Property Office (CIPO) is the final authority responsible for the registration and regulation of patents in the country. CIPO provides a comprehensive guide for filing a patent that can help you secure a successful listing. However, there are definite ideas or substances which are not eligible for a patent. A few things that cannot be patented include:
- Laws of nature
- Physical phenomena
- Abstract thoughts and ideas
- Scientific and mathematical formulae
- Discoveries in nature such as a new element or a biological being
An experienced patent agent can help you evaluate the eligibility criteria for your product and complete your patent application accordingly.
2) Commercial Feasibility
Filing for a patent can be a time-consuming and expensive process. Moreover, beyond the registration, the process of commercializing your IP can requires a large investment in terms of capital, labor and time. It is beneficial to assess your product or design carefully, with the assistance of your patent agent to determine its commercial viability, the cost of production and potential returns before proceeding with filing.
One of the key elements which determine the patentability of your product is its novelty. CIPO usually grants registration to your design or product based on its novelty. A good way of assessing the novelty of your product is by conducting a thorough patent search for similar products for which patent applications have already been filed.
Although CIPO offers various tools to search for previously patented products, it is important to consult your patent agent for the same. A skilled patent agent is well versed with the scope of the industry for which your patent is applicable and can help you determine the novelty of your design.
A patent application should identify all of the inventors and co-inventors of the invention. The owner of the patent application may be the inventors, an employer or other assignee. Your patent agent can help you determine the ownership of the product and apply for its registration accordingly. Having proper documentation to properly show the chain of title from the inventors to the owner can be important under a variety of circumstances.
The utility of an invention is usually easy to determine but needs to be established nevertheless. Your patent agent can assist with determining whether or not your patent would be considered useful, although any utility is sufficient to meet this requirement.
Filing for a patent can be a cumbersome procedure which can lead to unnecessary expenditure for your organization if not completed productively. Book a consultation with our patent agents to determine if your product is worth patenting.