Why should I apply for a patent?

Patents are commercial tools. A granted patent can be valuable due to the rights it gives the patent holder to monopolise exploitation of the patented invention for the duration of the patent. For example, if you or an employee of your company make an invention and you are intending to commercialise it yourself, then a granted patent is valuable if it enables you to enforce useful exclusivity in the marketplace. A granted patent can present a formidable barrier to entry to your competitors.

A patent may also be valuable in that it can be sold or licensed to others. Sometimes a company will use a granted patent to enforce exclusivity in one marketplace and sell or licence patent rights they have obtained in other marketplaces where they do not operate.

Patents can also be valuable if you are seeking outside investment in a business or are intending to sell a business in the future. Investors will often consider a business to be more valuable if it has patent rights which it can use to enforce market exclusivity and generate a higher return on investment.

In addition, some companies use the grant of a patent as a marketing angle, to show that their products are innovative.