Although the inventor finds a valuable and inspirational sense of accomplishment by the creation of a new idea, it is the commercialisation of that invention which completes the overall success. Patents are critical to enable the commercial development of the invention by use of the monopoly ownership of the idea for the patent period of 20 years. The success or failure requires consideration of the world market.
A first consideration is the important successful economic markets. Generally it was considered that this referred to the G7 countries of United States, Japan, France, Germany, Italy, U.K. and Canada. This was summarised into interest in only North America, Europe and Japan. However the world market has substantially changed. Therefore there is now a wide range of strategies of how to approach the world market.
Since about 2001 the acronym BRIC was created to describe the fast-growing emerging market economies of Brazil, Russia, India and China that were expected to surpass the developed G7 economies in size by the 2020s. Recently the acronym MINT was created to describe the economies of Mexico, Indonesia, Nigeria and Turkey, which are now expected to be the new fast-growing emerging market economies.
A second consideration is to assess the countries in which the inventor or commercialiser is or will be involved. This includes consideration of the location of manufacturing so you are protecting your asset at the start of the process and consideration of the expected countries of your licensee’s distribution network. Often it is only necessary to protect the countries at the start of the supply chain or only at the end of the supply chain.
A third consideration is the relevance of the country to your invention. This includes consideration of any cultural, geographical, technical or other reason a country is less or more suitable as a market for your product.
We can assist in the determination of the best patenting and commercialising strategies for your individual invention.
We look forward to being on board with your project.