MasiboLaw

People patent products for several reasons, some want to be known for inventing something new while others just want the licensing revenue, while some want both. Irrespective of the reason, if you come up with something new, people need to know that it was your idea and you should be able to earn from it. However, sometimes getting a patent registered comes at a cost. Let’s talk about the pros and cons in detail below.

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Some of the benefits of getting a patent registered are as follows;

1. Licensing Revenue

If you build a unique system, say for example that you will use to automate the processes in a big hospital and you register a patent on it, you will be able to license it to other hospitals and earn a recurrent or one-off income on it. Every hospital that wants to use your system will have to pay you licensing fees.

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2. Beat your Competition

A Patent allows you to keep your competition at bay. This is because it prevents them from copying your invention. After all, if they do, you can sue them for patent infringement. A registered patent protects your invention for the period of your patent.

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3. It gives you Recognition

Why do we all remember Thomas Edison, over 100 years after his death? Because he not only “invented” the light bulb but also registered a patent for the light bulb on January 27th, 1880. Getting a Patent registered might secure your name for many generations to come and secure you in the books of history.

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However, there are also some cons if you are thinking of registering a patent;

1. It is expensive

Registering a patent can be a long and expensive process that can take several years. When you include patent fees as well as lawyer fees, registering a patent can cost as much as Kshs 200,000.  However, it all boils down to whether you have planned your registration in such a way that the value you will derive from the patent outweighs the cost. If your focus is on the value, then the amount will not be too much.

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2. It is not guaranteed

Unlike other intellectual property like Trademarks and Copyrights, the standard for getting a patent registered is very high. This means that you have to demonstrate that your software/system is truly unique and one of a kind. However, this also boils down to counting the cost, maybe for you, it makes more sense to take the risk as compared to someone else. It is very subjective.

Have you ever thought of registering a Patent?

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The writer is a lawyer who specializes in offering legal services to people in technology, you can reach him through info@masibolaw.co.ke