Intellectual Property (IP) ToolKit

Entrepreneurs, innovators, and researchers own several assets that are not necessary physical assets. Intellectual Property (IP) are intangible assets that one owns, they are the creation of mind from disruptive inventions to artistic work and brand names. In order to protect those assets, we use intellectual property rights or IPR.

According to the Academy of Scientific Research And Technology Egyptian Patent Office, a patent is an exclusive right for an invention, which is a product or a process that either offers a technical solution to a problem or represents a new way of doing things. This right provides a protection for the owner generally for a period of 20 years.      

A patent gives its owner the right to control the use of their invention within the protection period. They may choose to give permission or license or even sell to other parties their invention based on agreed upon terms. After a patent expires, the invention is open to public domain, and no one has control over its use.

Obtained A Patent: What’s Next?

After filing and obtaining a patent, comes the next big decision: Whether to license, assign your patent, or start your own business and manufacture it yourself?

According to “Intellectual Property Guide”, a Patent Assignment is when the inventor decides to transfer/sell his right to a company for a one-time fee. It is considered a cheap and fast way to get investor out of the picture once and for all, but the inventor might receive less profit than the actual one realized by his invention, that’s why it’s not recommended.

Another option is Patent Licensing, this is basically a legal contract that authorizes another party to sell, manufacture, and make use of the inventor’s idea. It can be prepared by a Patent Attorney and signed even before the patent is officially issued. It is better than the assignment because the contract includes a royalty for the inventor, or a percentage of the sales in other terms.

Your IP could be as valuable as your machines, office equipment or any other physical assets. It could even be your single most valuable asset which you could use to secure finance for company growth. You may also need to know the value of your IP assets when seeking to fund or look forward to licensing your IP.