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Got a United States Patent? Get a few more...

Between the overload of information available to anyone with a laptop (or cell phone, for that matter) and the 24-hour news cycle, the world is shrinking much like the current economy. Original ideas are hard to come by and even harder to protect. Securing a US patent for your invention or innovation is a standard first step, but savvy inventors should seriously consider broadening that protection to the rest of the world (or most of it) as well.

The US patent application is complicated, tedious, and expensive, but the protection it provides is worth the effort if your idea is likely to turn a decent profit. Once you have secured a US patent, it is relatively easy, though still expensive, to extend that protection to the most important countries around the globe. For some ideas, simply obtaining a Canadian patent may be enough, but if there is a chance your product could be marketed worldwide, securing international patents can be a great idea. In fact, most major corporations and universities already take advantage of this option.

The advantages of expanding patent protection extend beyond the obvious. If you are seeking venture capital for your product, or even informal financing, your patent will be an important factor in the deal. Savvy investors will appreciate the conscientiousness of securing broader protections, and if you sell the patent outright, you have an excellent bargaining chip. In addition, securing international patents opens the door to licensing your idea abroad with the extra perk of already protecting the product in those regions. Failing to patent your invention means that another can snap up your design and patent it themselves in Canada or abroad. If you are not paying attention, this can cause major problems down the road.

Once you have secured a US patent, you are technically protected for one year. That is, you have one year to claim priority internationally based on your US application date, either provisional or non-provisional. Once that year is up, however, it is open season on your invention as anyone can submit that idea abroad and potentially secure a patent for your design. Fortunately, aside from the additional fees, obtaining these extra patents is relatively painless once you have completed the first.

Securing a Canadian patent is comparable to the US application process. The protection is good for 20 years, as long as the maintenance fees are paid. Like the US, the Canadian Intellectual Property Office does nothing to help you enforce the patent, but at least you have a legal leg to stand on to protect your design on your own. If you choose to apply for a Canadian patent only, there are patent agents to help you through the process.

If your product is likely to be sold or licensed internationally, the World Intellectual Property Organization (www.wipo.int) offers an attractive option for easily patenting your design in the most important regions. The Patent Cooperation Treaty (PCT) application secures patent protection at least 139 countries at once...far easier than chasing down the requirements and applications one at a time. Of course, this option is not cheap, and it is probably advisable to secure an experienced patent law or intellectual property attorney, even if you successfully acquired the US patent on your own.

Protecting your invention or innovation with a US patent is a no-brainer, but protecting it worldwide is ingenious. And, with the WIPO's help, there is no excuse not to take the extra steps to preserve your assets and increase their inherent value.

About the Author

LaunchX.com is dedicated to training entrepreneurs to turn their good ideas into great companies. The LaunchX System provides step-by-step education in the mindset and skill set entrepreneurs need to succeed. Our program includes intensive seminar training, key business software, and specialized workbooks that teach you the fundamental skills you need to achieve your financial and worklife goals through entrepreneurship. Register today for our introductory course and see what LaunchX can do for you!