BondiP can help you with your patent application in the following ways:
Assess your patent eligibility and project
Before applying for a patent, you need to be sure that this is what you need and that a patent benefits your business strategy. You might want to consider answering the following questions before you go ahead with patenting your invention.
Does the potential for commercial returns outweigh the time, money, and effort that will go into getting and maintaining a patent?
Does the monopoly the patent give you help lessen intellectual property theft in your markets of interest?
Do you have the resources to manage your intellectual property?
Have you carried out a thorough search and assured yourself that there is no similar technology?
Do you own the invention, and have you been careful to keep it a secret?
The answers to these questions will determine your next line of action. At BONDiP, we will work with you to ensure that you get the proper answers to each of the above questions so that you can make informed decisions.
Perform a patent search for viability
The search for viability is the most critical step after deciding to patent your invention. Here, it would be best if you were as thorough as possible. Imagine the headache of finding out that a similar technology already exists on the market after completing the patent requirements.
When you engage our services at BONDiP, we will put every one of our considerable resources into seeing that you do not suffer this kind of unpleasantness.
Manage the patent application process and patent specification
The patent specification is a highly technical legal document that addresses the public and contains a written description of your invention, the manner and process of making it, and instructions on how to use it. It also informs the public about your exclusive ownership of the invention. Our attorneys are skilled in drafting patent specifications and ensure that the specification we draw for you gives your invention total protection.
See you through the patent examination process
The patent examination process can be a bit complicated. This is why we will be with you through the whole process and ensure that everything goes as smoothly as possible. We will also answer any questions you may have.
Manage patent certification and publication process
We will ensure that the patent certification and publication process go off without any hitches. If any hitch arises, we can get things resolved as quickly and painlessly as possible.
Book a FREE consult today with a BONDiP expert so you can get all of the patent and trademark help you need.
What is an Innovation Patent? What is it used for?
An innovation patent is ideal for inventions that have short market lives because it provides fast protection that lasts up to eight years from the date of filing your application.
An invention is deemed eligible for innovation patent if:
It involves novelty
It has not been publicly disclosed anywhere else in the world before the date of filing by anyone else or within 12 months of self-disclosure.
It involves an innovative step.
It is different from other types of technology, and its difference substantially contributes to the working of the invention.
Why is the innovation patent going away?
The Australian government decided to take away the innovation patent as part of the government’s commitment to ensuring that the nation’s IP system meets the needs of Australian SMEs. The government realised that over time, the innovation patent had not met its intended objective. Instead of incentivising research and development, it was allowing big businesses to block SMEs from innovating. Some of the challenges of the innovation patent are:
Big businesses and large firms used innovation patents to stifle competition strategically.
Once an innovation patent application has undergone a certification process by the Commissioner of Patents, it automatically protects its targeted innovation. As a result of this, big businesses began to use innovation patents to create patent thickets. A patent thicket is a series of innovation patents filed by a firm to surround an SME’s product. By employing this tactic, the large firm ensures that its smaller competitor does not have the freedom to operate and thus compete with them.
There was a scarcity of genuine innovation and competition.
Because of the ease with which an innovation patent can be obtained, SMEs did not have much freedom to operate, thus eroding their confidence and investment in innovation.
Australian innovators began to face risks in overseas markets.
Innovation patents are only valid in Australia and are not recognised overseas. Thus, they don't protect a business looking to enter international markets, a standard application is generally needed for that. Also, because the details of innovation patents are usually made public early, inventions that are subject to innovation patents could have been exposed to earlier publication than planned for international purposes.
Because of these challenges, the Australian government began an 18-month phasing out of the innovation patent, which started in February 2020 and will end on August 25th, 2021.
What if I already have an innovation patent?
If you already have an innovation patent, your patent will continue in force until it expires. Also, your application will proceed as usual if you file an innovation patent on or before August 25th, 2021.
Other things to note:
If you want to file a divisional innovation patent application after August 25th, you can file it provided that you have filed the parent application on or before August 25th, 2021.
Suppose you want to convert a standard patent application to an innovation patent application. In that case, you can do this as well, provided you have already filed the standard patent application on or before August 25th, 2021.
If you are considering filing an innovation patent, you would be best served to file it as quickly as possible, as there will be no extension for late filings. Let BONDiP help you apply for your innovation patent before it phases out on August 25th, 2021. To this end, reach out to our offices today to get the ball rolling on your innovation patent.
For more information on the Innovation Patent, download our FREE guide below.
Updated: Sep 2, 2021
The Australian Government is incentivising businesses to invest in medical and biotechnology innovations by providing a concessional tax rate of only 17% from 1 July 2022.
The innovations need to be developed in Australia and patented. The reduced corporate tax rate applies to income derived from the patented innovations.
Get in touch if you think your business might be eligible and we'll fast track the patenting process.
Budget 2021-22 | Announcement of patent boxes
As part of the Federal Budget 2021-22, the Government has announced the introduction of a patent box. This aims to boost Australian investment in medical and biotechnology innovations by providing incentives for companies that develop them in Australia. Patent boxes are currently used in over 20 countries, including the UK and France. The Government will consult with industry on the design of the patent box shortly after the 2021-22 Budget.
From 1 July 2022, the patent box will provide a concessional 17% effective corporate tax rate on income derived from patents by the medical and biotechnology sectors. Normally, corporate income is taxed at 30% or 25% for small and medium companies.