Farmers are no strangers to innovation. For generations new ways have been found to improve efficiency and productivity. Farming innovation has always been key to staying ahead.
Protecting innovation in agriculture can be crucial to maintain an advantage, and perhaps more importantly, key to monetising or commercialising your ideas.
Patents are one way in which innovation can be protected. Understand patents, and you can protect your inventions, better secure investment, potentially enhance your farm’s profitability, and contribute to modern and sustainable farming.
Read on to discover how you can use patents to benefit you and your business.
What is a patent?
A patent is a form of protection for intellectual property (IP) that gives the holder exclusive rights to an invention. Patents safeguard inventions, ensuring inventors can enjoy the benefits of their hard work and creativity. For a set time, typically 20 years, no one else can make, use, or sell products covered by the patent without permission.
Why protecting your IP is important
Patents are often crucial for protecting agricultural innovations. Patents can prevent competitors from copying your inventions, protecting your market share and investment. Whether it’s a new crop type, a novel irrigation system, or updated farming equipment, securing a patent ensures you reap the rewards. IP protection for farmers is about securing an idea and enhancing market position. Protecting this through patents, alongside other forms of IP protection safeguards innovations. It can also open new revenue streams through licensing or selling rights which may be particularly useful to expand into foreign markets without a physical presence.
Is your IP worth protecting?
The patent process can take time, and patents, like most IP rights, are country-based. So, you need to consider how IP protection would best fit your business strategy, and importantly, consider the potential return on the investment. Keep detailed records of your developments and speak to a patent attorney to determine the patentability of your invention.
Ask yourself:
- Does the idea solve a problem?
- Would others want to copy it?
- Is it a novel and non-obvious solution?
If your answer is yes to all of these questions, then it’s likely worth protecting.
Benefits of patents:
- Protection from competitors using your invention without permission.
- Protected IP can make your business more attractive to investors.
- Licensing your patent to others can generate extra income.
- Patents can aid market expansion with entry into international markets.
Owning patents and IP rights can boost a farm’s revenue and give it a competitive edge. Companies with at least one patent, registered design, or trademark can generate 20% higher revenues per employee than companies that do not own IP rights (EUIPO, 2021).
Patent considerations
Securing a patent involves considerations:
- Novelty: Is it new? The invention must be new and unknown to the public before the filing date.
- Inventive step: The invention shouldn’t be obvious to someone with knowledge and experience. Inventors tend to think everything they do is obvious, so seek a second opinion.
- Technical solution: It should provide a technical solution to a technical problem. Is it useful in the real world?
- Industrial applicability: An invention is only patentable if it is applicable in industry.
Other types of IP rights
IP rights fall under three categories:
- Patents – protect technical inventions. From new machinery to a novel farming method.
- Trade Marks – protect your reputation and brand. This can ensure your fbusiness’ name and logo can’t be copied.
- Registered designs – protect the appearance of a product to ensure its unique look.
Tips for farmers
- Free resources: The UK Intellectual Property Office (UKIPO), the British Library’s Business, and IP Centre give guidance and support.
- Confidentiality agreements: Before discussing inventions with potential partners or investors, ensure they sign confidentiality agreements (NDAs).
- Think big: Don’t be limited to your geographical area – patents can protect internationally.
Commercialising patents
Once you have secured a patent, you can commercialise it. As IP rights are assets to use, license, and sell, you could consider:
Licensing
A common way to commercialise a patent is through licensing. Licensing can provide a steady income stream without manufacturing or selling the product. You permit another party to use your patented invention in exchange for a fee or royalty.
Selling
You can sell your patent outright for a lump sum. The buyer can develop and market the invention as they see fit.
Creating something new
Use your patented invention to develop a new product or service. You maintain control over your innovation and profit if successful.
Joint partnerships
A joint venture with another company can give you the resources and expertise to bring your invention to market. It’s beneficial if your farm cannot develop or distribute the product.
Protecting and commercialising your innovations through patents can provide significant advantages. Farmers can enhance their market position, attract investment, and create new revenue streams. Don’t overlook the power of patents – it could be the key to unlocking your farm’s full potential.
To discuss your farm’s IP requirements, get in touch.
For more information, please email Jonathan.Goodacre@keltie.com
