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Is a patent a waste of money? Continue to work together! (p2) | EP&C

Is a patent a waste of money? Continue to work together! (part 2)

In my previous blog I discussed a common misconception about patents. A lot of people think that a patent is an easy and quick way to make lots of money. You can find out here why this is not the case. What is striking is that this first misconception often automatically leads to a second one. After a while people start to feel that a patent just costs a lot of money and does not really get you anywhere.

A patent does indeed cost money. There is the service provided by a patent attorney and then there are the administrative fees involved in making and keeping a patent valid. However, a well-written and strategically positioned patent is worth its weight in gold. In addition it is particularly important to ensure that the client and the patent attorney are, and continue to be, on the same page.

Overcome lack of knowledge 

A patent attorney assists clients with complicated issues. Paperwork that is hard to understand and unfamiliar databases. That is why it is important to draw up a clear plan beforehand. I make sure that my client understands how patents work and that we develop a strategy for his innovation: what are we going to protect and in which countries? That assistance is an ongoing process.

Yes, it is a waste of money

Your competitors keep a close eye on developments taking place at your company. If you have a good product, they will try to develop similar technologies and products. If you are unaware of this, you will continue to pay for protection that no longer has any real effect. After all, your competitors are already using comparable or improved technologies. That means what you have protected with a patent is outdated. If you continue to hold on to the patent, this will indeed be a waste of money. It is important to continue exploring future possibilities and stay ahead of the competition.

Leaking tap

An unattended patent can become a leaking money tap. After lots of useless patents that tap will be wide open. However, if you work with a good patent attorney and continue to take a critical look at what you are protecting, you will in fact get the raw materials from that tap that are essential for a competitive business.