Understanding IP: Some Common Misconceptions

There is a growing awareness of IP in our society, and the potential value of an IP portfolio is gaining more and more attention. However, misconceptions abound. Let's debunk five common misunderstandings: 

1. “We have a patent, so we have the right to exploit our invention.” Unfortunately, this is not the case. In fact, IP only provides the right to stop others from doing something - it does not provide the right to do something yourself. Before you exploit your invention, you need to check to see if there are patents owned by third parties that might cover what you plan to do (so-called freedom to operate searching). 
2. “We have worldwide patent protection for our idea.” Whilst it is possible to apply for a patent application via an international treaty (the Patent Cooperation Treaty), this does not lead to a “worldwide patent”, but needs to be converted into separate national or regional patents in the countries of interest. In fact, the cost of filing and