Imagine working on an innovative AI-based robot for working in offices and schools etc. You were not sure about the idea that it will work or not or liked by people or not. But after some time of launching the product, you see the demand is rising.
Now you suddenly fear that someone will steal your idea and ruin your reputation? Fortunately, when it comes to protecting an individual's right to his or her invention, patents are there. By registering for a patent under Indian law, you can establish sole ownership over your inventions.
HOW TO GET A PATENT?
A patent in India is filed through the Patents Act, which is the central body that regulates the process of filing and registering patents. According to this Act, either the inventor, his assignee, or his legal representative (in the event the inventor is deceased) can submit a patent application at the head office of the Indian Patent Office or one of its branches.
If the applicant is not an Indian citizen, he or she must apply in their respective jurisdiction (where the applicant's address for service is located).
There are 8 steps involved in the registration that is:
1. INVENTION DISCLOSURE:
The first step in the registration is to disclose all the facts even the smallest fact about the invention. The document ‘non-disclosure agreement is signed by the person who has to file for a patent by making sure he had disclosed all the facts.
The problem arises when all the facts have not been disclosed properly and carefully. This can be by mistake or manipulated. Both should be avoided to prevent unforeseen or unwanted circumstances.
2. PATENTABILITY SEARCH:
In this step, a professional always charges a fee as prescribed by him and he does an extensive search on all the possible databases about any prior evidence of the invention. He makes sure that there is no same invention is already existing. Then he makes the final report of his search and gives it to the client.
One must appoint a professional in this so that this step can be performed carefully and properly because one small mistake can hinder the whole process and waste time and money and waste of inventor’s efforts.
3. DECISION TO FILE APPLICATION FOR PATENT:
The actual patent filing begins in this step. After detailed research about the invention, one has to decide whether one wants to apply or not.
Make sure that the invention is not already existing and that it must have either ‘technical advanced’ or ‘economically significant’ or both, over any existing piece of art. The decision should be made very carefully.
4. PATENT DRAFTING:
Now, this step is a bit complicated. The application can be drafted by the client himself or you can take help from a professional.
This is the most crucial step in the whole process as it requires both technical and legal understanding so it would be a good idea to hire a professional. Any mistake would result in a waste of money, time, and effort.
5. FILING PATENT APPLICATION:
After you draft your patent and are satisfied with it, you are ready to file your patent. You can file the patent application in a prescribed manner. You need to pay fees of INR 1,600 or 4,000 or 8,000 (based on the type of application) while submitting the patent application to the patent office. If you do not file a request for early publication, the patent application will be published on expiry of 18 months.
6. REQUEST FOR EXAMINATION:
Within 48 hours, the applicant must request the Indian patent office to examine the patent application. Request for examination fees ranges from INR 4,000 to INR 20,000. This fee is based on the type of applicant.
7. RESPONDING TO OBJECTIONS (IF ANY):
In this step, the report submitted to the office is thoroughly examined by the professionals. If your details are matched with their requirements, then your patent is ready to come!
But if there is any objection, you have to respond to it by taking the help of a professional who filed your application.
8. GRANT OF PATENT:
Finally, in this step, if your application meets the requirement and no objections are there, the patent is granted.
Usually, the final grant of the application is notified through a journal that is published
PATENT MONETIZATION:
Patent monetization refers to the revenue which is generated by a person or a company by selling or licensing the patent it owns.
As we discussed in the beginning about the example of the invention and if you get the patent for the same, you can also earn money from selling it or giving license to others.
There is a myth that people sell patents but in reality, people sell their business. When looking to sell, remember – patents without businesses have little to no value. If you are looking to monetize your patents, build a business around them. You can choose to sell them at any stage this way. Either as a spin-out or fledging business.
LICENSING OR MANUFACTURING:
Both licensing and manufacturing are simple tools and both are better in their way, only you have to choose them wisely.
Every product and every inventor is different but can have the same principles, choose the best tool which suits you.
Licensing requires less time and less money too but potential profits are always less. It can be complex too. On the other hand, Manufacturing is a driver’s seat for you. It provides a huge rate of returns and huge potential profits.
