Canadian Patents and Their Value to Your Business

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Image Depositphotos.com
Image Depositphotos.com

The current business environment is driven forward by innovation and research. Basically, anyone who has a good idea and knows how to implement it has a good chance of reaching the top in a short period of time.

If this story seems far fetched, all you have to do is take a glance at the list of Canadian unicorn startups. They’re all incredibly successful businesses based on a unique and revolutionary idea that helped the world use some of the latest technologies in a new way. 

And, considering just how many new technologies there are on the market, the possibilities can be limitless. However, there’s a caveat when your business is founded on ideas, or, as it’s known in the legal world, Intellectual Property (IP). 

Sadly, IP is difficult to protect even with the right tools in place. However, without any protection, your chance to get to the startup unicorn level are practically nonexistent. The successful startups you see today are the ones who took all the necessary measures to protect one of the most important assets to their business development – IP.

How to Get a Canadian Patent

Patents (in Canada, the US, and all over the world) are designed to protect inventors and their inventions from being stolen or reproduced without consent. Therefore, if you have a useful patentable subject matter (as it’s defined by the Patent Act and Patent Rules), you can file for a Canadian patent. 

However, it takes a bit of studying and research to fully understand how to get a patent in Canada and what can be considered a patentable matter. Plus, the approval process is rather tedious and time-consuming. 

Therefore, the best way to get a patent in Canada is to hire a specialized law firm that will take care of all the necessary papers and procedures. If you want to take care of the filing process, you are free to do so, but be prepared for it!

Does your Business Need Patents?

Patents are not the only form of IP protection, so not every business will need them, but if you have a viable invention and you want to build your future on it, then you must have the right protections in place. 

Here is why your business needs a patent:

Protection & Business Growth

The giants of today’s tech and retail worlds (Apple and Amazon) got where they are today because they own the rights to a few very important patents. If they didn’t act quickly and patent their inventions when they did, chances are someone else would have gotten to the finish line before them.

When your invention is protected by a patent, you can capitalize on it and extend the business to various markets without worrying if someone else will steal it.

Investors 

Proper IP protection is a sure way to attract investors’ attention during a growth phase. After all, no big businesses get to the top without support from various investors. And the best ones always want to see your IP collection. So the more patents and other IP items, the better!

Market Share Protection

When you own the patent of a technology or process, you have the right to sue anyone who tries to step on your toes and use it for their own gain without your consent.