Patent Granted: Next Steps
What Can You Do After Your Patent is Granted?
There are various strategies that you can employ once your patent is granted.
- Decide whether you want to file your patent in other jurisdictions (although you don‘t have to wait for your patent to be granted to consider multi-jurisdictional patent filings).
- Assert your patent to prevent others from copying your invention.
- License the patent.
Multi-Jurisdictional Filing Strategies
Sometimes, merely having a patent can act as a deterrent to competitors. However, in cases where a competitor is infringing on your rights, you can sue on your patents. Depending on the circumstances, you may not have any other option but to proceed to enforce your rights through a lawsuit. Be prepared by anticipating the costs and recognizing the risks associated with litigation, especially in a transnational context.
We will talk more about enforcement of IP rights in a subsequent module.
You can give a third party permission to do certain things with your patented invention, especially in cases where that party may be in a better position to commercialize your invention. This strategy of patent licensing requires that you enter into an agreement that establishes the respective rights and obligations of each party to the licence.
Patent licences are complex agreements that require care and skill in their drafting. We will talk more about IP licensing in a subsequent module.