Understanding IP – Some Common Misconceptions

An IP portfolio can be an important asset to a business. However, misconceptions abound. Let’s debunk five common misunderstandings:

“We have a patent, so we have the right to exploit our invention.”

Unfortunately, this is not the case. In fact, a patent 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 your activities (so called freedom-to-operate searching).

“We have worldwide patent protection for our invention.”

Whilst it is possible to file an international patent application, this does not result in a “worldwide patent”. There are strict deadlines by which the international patent application must be converted into separate national and/or regional patent applications. In fact, the cost of filing and maintaining a patent family in many countries can be prohibitive and is typically only