X THE GLEANER | SUNDAY, APRIL 28, 2024 INTELLECTUAL PROPERTY WEEK FEATURE | In particular, we provide the following patent services: - Patent searches - Patent drafting - Patent registration - Commercialisation of patents With the cplimen INNOVATION SUPPORT “Let us help you get your innovations to market!” Contact Loreen Walker, LLM (London) Attorney-at-Law at 876-279-9653 or Email: wehelpuinnovate@gmail.com We provide services for all types of intellectual property rights such as copyright, trade marks, geographical indications and patents. WHAT IS INNOVATION? Innovation refers to the process of creatively transforming an idea into a new or improved product or process that has a value to a consumer, while research and development (R&D) is the activities that companies undertake to achieve their innovation. R&D is often the first stage in the product development process. Companies require knowledge, talent, and investment in order to achieve their R&D needs. Innovation and economic growth go hand in hand; innovation is the catalyst for growth. Therefore, the question is, how can Jamaican entities use innovation to enhance their social and economic performance? The answer is more simplistic than you may realise; it can be attributed to the use and understanding of technology transfer tools and the formalisation of our creativity through the protection of intellectual property, namely, patents and utility models. WHAT IS A PATENT? A patent is an exclusive right granted for an invention by the state, which may be a product or a process that provides a new way of doing something, or offers a new technical solution to a problem. WHAT IS A UTILITY MODEL? Similar to patents, utility models protect new technical inventions through granting a limited exclusive right to prevent others from commercially exploiting the protected inventions/innovations without consents of the right holders. A utility model provides protection of “minor inventions”through a system similar to the patent system. It recognises that minor improvements of existing products, which does not fulfil the patentability requirements, have an important role in an innovation system. The main differences between utility models and patents are: • the requirements for acquiring utility models are less stringent than for patents; • the term of protection for utility models is shorter than for patents; • the registration process is often simpler and faster; and • fees for obtaining and maintaining utility models are lower. WHY IS IT IMPORTANT TO PROTECT INNOVATION? Understanding how innovation and intellectual property (IP) interact can shed light on how innovation policies can help countries achieve long-term and sustainable economic growth. Without IPRs, investments made by companies in developing new products and processes, or even in simply devising new product ideas, are at risk. WHY IS IP IMPORTANT IN VALUE CREATION? An entity that owns IP can realise its value, mainly through commercialisation of its IP. Exploitation of IP by integrating it within the product itself; the sale or licensing of the IP to a third party, therefore leading to the reception of royalty rights, can generate a measurable amount of economic benefits to its owner/user. A well-crafted intellectual property strategy can help maximise the potential of your business. Using and understanding the IP rights, you can: • secure competitive advantages; • generate revenue streams; • facilitate access to financing; • attract investors and partners; • avoid and mitigate relevant risks. The adoption of a sound IP practice in any industry can lead to sustained economic development over time, thereby contributing to economic growth, innovation, competitiveness, and the improvement of living standards. JASON WONGSAM Assistant Patent Manager How protecting your innovation can lead to wealth creation
RkJQdWJsaXNoZXIy MTUzNTI=