Innovative and creative ideas are at the heart of most successful businesses. Ideas by themselves, however, have little value. They need to be developed, turned into innovative products or services and commercialized successfully so as to enable your SME to reap the benefits of your innovation and creativity. Intellectual Property (IP), patents in particular, can be crucial for turning innovative ideas and inventions into competitive products that significantly increase profit margins.
Your SME may also use patents to earn royalty revenue by licensing such patented inventions to other firms that have the capacity to commercialize them. This may not only save your SME money, but also provide you with a stream of income from your invention or the inventions of employees of your SME, without the need to invest in its commercialization.
For practical information on the costs of patenting, the time taken for patents to be granted and other useful FAQs, see link or contact your national IP office.