How To Get An Idea Made Into A Prototype With Inventhelp..

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 6 hours getting his car out with a hand winch. He knew there must be a much better way. In reaction, he invented Maxtrax, a lightweight vehicle-recovery device for bogged off-roaders.

After designing the super-tough nylon product, he attended a Queensland Government business seminar, where the advisers stressed getting patent protection before his idea was publicised. “Among the first things we did was speak with Inventhelp Invention Prototype to see the way we could protect the thought,” says McCarthy, who launched Maxtrax in 2005. It really is now available in about 30 countries worldwide. McCarthy has patents in key markets such as 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 good idea cruel their likelihood of success from day one.

Their big mistake? Ignoring patents or any 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), particularly, often neglect safeguarding their IP or think it will be expensive. “The majority of protectable IP goes unprotected,” he says.

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

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

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

A November 2017 EPO study, Patents, Trade and FDI within the European Union, suggests better harmonisation of Europe’s patent system has the potential 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 opportunities to expand into the European market, which boasts more than 500 million people, high gross domestic product and powerful consumer demand. “It’s very important for Australian businesses to comprehend that you will find a big change ahead in Europe. I’m not talking no more than patents,” Fröhlinger says. “It’s extremely important to get an integrated IP portfolio considering patents and trademarks and (covering) design. Should they don’t have (IP) people in-house they ought to make an effort to get strategic business advice.”

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

Your message? Being a general rule, Australian companies usually are not good at converting research into value and treat IP nearly as an administrative function. The exceptions are health tech leaders, including medical device company Cochlear and sleep-disorder business ResMed, which understand the significance of intangible assets including brand and data use, and build their briaac around it.

In a knowledge-based economy, IP has turned into a crucial business tool and governing it has stopped being just dependent on organising trademarks and Inventhelp Prototype. Intangible assets are rapidly more and more important than tangible assets and require appropriate consideration.

An overview of Australia’s top listed companies, released by Glasshouse Advisory in September 2017, endorses this kind of sentiment. It reveals that 38 per cent of the companies’ value (about A$550 billion) is not really included on the balance sheets; this indicates that investors are operating without insights right into a significant proportion in the corporate asset base.