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Product Ideas..

Posted on November 26, 2019 in Cell Phone Business

Intellectual property can be a crucial business tool, although not everyone thinks hard enough about protecting their big ideas. In 2001, plumber Brad McCarthy got stuck on a remote beach in Cape York in north Queensland and spent about six hours getting his car out with a hand winch. He knew there has to be a better way. Responding, he invented Maxtrax, a light-weight vehicle-recovery device for bogged off-roaders.

After designing the super-tough nylon product, he attended a Queensland Government business seminar, in which the advisers stressed getting patent protection before his idea was publicised. “One of the primary things we did was speak to Inventhelp Vibe to view the way we could protect the thought,” says McCarthy, who launched Maxtrax in 2005. It really is now sold in about 30 countries worldwide. McCarthy has patents in key markets including Australia, Europe and the US, and also the business even offers a trademark on the distinctive original “safety orange” hue it uses of its moulded product. Unlike McCarthy, however, many inventors and businesses with a great idea cruel their likelihood of success from day one.

Their big mistake? Ignoring patents or some other intellectual property protection before they spruik their idea to investors, people or even friends. It can be considered a costly error. Bradley Postma, principal at patent and trademark attorney firm Cullens, says small, and medium enterprises (SMEs), in particular, often neglect safeguarding their IP or think it will probably be expensive. “The majority of protectable IP goes unprotected,” he says.

Europe can be considered a particular trap for exporters because, unlike various other major markets, it lacks a grace period making it possible for public disclosure of your invention without affecting the validity of any subsequent patent application. That opens just how for the idea or product to become copied. “In Australia and america you can do something about it, provided you’re in a one-year window – in Europe you can’t, it’s too late,” Postma says. “In that case, businesses have shot themselves inside the foot; they’ve forfeited their rights and anyone can copy [their idea].” Postma observes that business people often think their idea is simply too easy to warrant a patent. “However, if it’s successful and uncomplicated, it will probably be copied and you have to get advice.”

Unitary patents on way – Margot Fröhlinger is principal director of unitary patent, European and international legal affairs at the Munich-based European Patent Office (EPO), which oversees about 160,000 patent applications per year. She recently completed a road trip warning Australian businesses that poor patent and IP safeguards could derail their European market opportunities. Companies need to innovate – and protect their inventions. “You have to have the protection of your own IP and, particularly, Inventhelp Tech in order to acquire a good return on the investment,” she says.

Many international businesses have baulked at exporting to Europe due to complex patent processes across multiple jurisdictions that can lead to potentially high costs and marginal protection. However, the EPO is promoting a whole new unitary patent system that promises to be a game changer. This will make it easy to get protection in up to 26 participating European Union member states with the submission of a single request for the EPO.

A November 2017 EPO study, Patents, Trade and FDI within the European Union, suggests better harmonisation of Europe’s patent system provides the possible ways to increase trade and foreign direct investment in high-tech sectors, delivering annual gains of €14.6 billion ($A22.8 billion) in trade and €1.8 billion (A$2.81 billion) in foreign direct investment.

Fröhlinger believes Australian businesses across all sectors have chances to expand in to the European market, which boasts a lot more than 500 million people, high gross domestic product and strong consumer demand. “It’s extremely important for Australian businesses to understand that you will find a big change ahead in Europe. I’m not talking only about patents,” Fröhlinger says. “It’s essential with an integrated IP portfolio considering patents and trademarks and (covering) design. If they don’t have (IP) folks-house they ought to make an effort to get strategic business advice.”

The price of intangible assets – This call to action for Australian businesses comes as the international Innovation Index 2017 reports on countries’ IP receipts being a percentage of total trade. In essence, the measure indicates how a country is performing on the IP front. While Australia scores well when it comes to inputs into research and development, the usa (5.1 per cent), Japan (4.7 percent) and Finland (2.9 per cent) easily outperform Australia (.3 per cent) on IP royalties.

The message? As being a general rule, Australian companies are not great at converting research into value and treat IP almost as an administrative function. The exceptions are health tech leaders, like medical device company Cochlear and sleep-disorder business ResMed, which understand the value of intangible assets including logo and data use, and build their briaac around it.

In a knowledge-based economy, IP has become a crucial business tool and governing it has stopped being just a point of organising trademarks and Inventhelp Caveman. Intangible assets are rapidly becoming more important than tangible assets and require appropriate consideration.

Overview of Australia’s top listed companies, released by Glasshouse Advisory in September 2017, endorses such a sentiment. It reveals that 38 per cent from the companies’ value (in regards to a$550 billion) is not really included on their balance sheets; this means that that investors are operating without insights into a significant proportion of the corporate asset base.