3 Ways to Push Back Patent Costs
As a fundamental value driver in early stage technology businesses, entrepreneur are sensibly reluctant to reduce the scope of their IP coverage due to financial constraints. With the cost of patenting being directly proportional to the scope of geographical patent coverage, what’s the way out of this Catch 22?
Here are 3 ways to push back the timing of patent costs:
- Start your patent application process with an Australian provisional patent application. This establishes an Internationally recognised filing date for your invention and grants you 12 months of time before you encounter further mandatory costs to keep your application progressing.
- File a PCT International Patent Application prior to the expiry of your provisional patent application. This type of patent application will maintain the priority date of your provisional patent application for another 18 months (beyond the 12 month provisional period) with relatively low process costs during that period. The PCT application also provides the benefit of allowing your patent application to go through a centralised examination process prior to proceeding to national phase which reduces overall cost.
- Make use of our strategy meetings to discuss timelines for invention development, prototyping, drawings, providing detailed invention information, marketing details, disclosure dates, ownership issues etc. By coordinating these issues you do not fall into traps of unnecessary costs in official formality objections, or corrections or energy wasted in the wrong directions.