Nov 16, 2023
When assessing the need for possible intellectual property (IP) protection, a company must determine it is financially worthwhile to pay the costs and put in the time to secure IP and then license the product or process, partner Nathaniel Lipkus says in an interview with Glass Canada magazine.
“From the very start, there needs to be economic justification,” says Nathaniel. “Thorough research is in order. The hoped-for-profits also depend on the business strategy with the IP, which helps dictate the type of IP that’s appropriate.”
A patent is a form of IP protection that may be suitable for a company with an innovation that is distinctly new, useful and inventive, and the company wants to keep it exclusive after disclosing it publicly. “Obtaining a patent is a multi-year process, even though you can assert some rights immediately with filing of the application,” says Nathaniel. “And patents can be filed in one country or many countries, but although the general requirements are similar, the process is different in each country and there are obviously separate costs for each country.”
There is no question that pursing IP protection is a big decision. “It can be very lucrative to market something new,” says Nathaniel. “But the process is complex and of course not without risk. For the right innovations, it’s definitely worth it.”
Read the full article by author Treena Hein in the October 2023 digital edition of Glass Canada magazine.