THE NEED FOR PATENT PROTECTION
Patent is an exclusive right granted for an invention i.e. a product or process that provides a new way of doing something or provides a technical solution to a problem. It may either relate to a product (product patent) or to a process (process patent).
A patent protects new inventions and gives the owner the right to prevent other persons from using, importing or selling the invention without the owner’s permission.
In Nigeria, a patent is granted to the person who, whether or not he is the true inventor, is the first to file or validly claim a foreign priority for a patent application in respect of the invention.
Patent gives the inventor an exclusive right to the use, manufacture and exploitation of the product or industrial process so invented for a period of 20 years.
Wow! Twenty good years are more than enough time to make real money from your innovative product. The inventor may license or sell the right conferred on him by the patent.
Are you in the manufacturing industry? Have you ever produced something new or discovered a new process of providing technical solution to a problem? Do you know you can make money from patent and grow your business?
Patent protection should always be considered by an inventor during the early stages of the invention. This is because without a patent, someone else can make and sell your invention without your permission and without paying compensation to you.
If you want to increase your profit margins on a product you are selling, would you invite competitors to manufacture similar products or would you attempt to be the sole producer of the product?
I believe you want to be the exclusive manufacturer of your innovative product, hence the need to protect your invention.
If you invent or discover any new and useful product or process or any new and useful improvement thereof, you may obtain a patent subject to certain conditions and requirements.