Patent basics
Find out what is required to gain a patent and the benefits of a patent protection.
Find out what is required to gain a patent and the benefits of a patent protection.
The act of inventing something, typically a processor device. An invention can be, for example, a product, a process or an apparatus.
Patents are valid in individual countries for specified periods. They are generally granted by a national patent office such as the Icelandic Intellectual Property Office, or a regional one.
Patents confer the right to prevent third parties from making, using or selling the invention without the owners' consent.
Exclusive rights: Patents provide the exclusive rights which usually allow the owner to use and exploit the invention for twenty years from the date of filing of the patent application.
Strong market position: Through these exclusive rights, you are able to prevent others from commercially using your patented invention, thereby reducing competition and establishing yourself in the market as the pre-eminent player.
Higher returns on investments: Having invested a considerable amount of money and time in developing innovative products, it is possible, under the umbrella of these exclusive rights, to commercialise the invention, enabling the owner to obtain higher returns on investments.
Opportunity to license or sell the invention: If the owner chooses not to exploit the patent himself, it is possible to license or sell the rights to commercialise it to another owner.
More negotiating power: If the patent owner is in the process of acquiring the rights to use the patents of another enterprise, through a licensing contract, a patent portfolio will enhance your bargaining power. That is to say, the patents may prove to be of considerable interest to the enterprise with whom you are negotiating and could enter into a cross-licensing arrangement were simply put, the patent rights could be exchanged between your enterprise and the other.
Positive image for the enterprise: Business partners, investors and shareholders may perceive patent portfolios as a demonstration of the high level of expertise, specialisation and technological capacity within your company. This may prove useful for raising funds, finding business partners and raising a company's market value.
Patents granted by the Icelandic Intellectual Property Office protect inventions for up to 20 years in Iceland.
All about fees. Application fees must be paid when applications are filed. Annual renewal fees must be paid on patents if the owner wants them to remain in force. It is up to the owner to pay them on time.
Patent protection can be applied to a wide range of inventions such as appliances and mechanical devices.
A new generator (the technical solution), use of the generator on a bicycle and a method of manufacturing the generator can be patented.
The mathematical formula for how a generator produces electricity and a scheme for how to sell the generator can't be patented.