If you have control over an asset, then you can derive commercial benefit from it. IP can therefore enable a business to realise higher prices, increase market share or penetration and/or maintain lower costs than its competitors.
You can generate income directly from your IP, for example, by selling or licensing the right to use your patented invention. Alternatively, you can manufacture and sell the products yourself, and use IP to prevent competitors from encroaching onto your market, and making you the sole supplier of the patented product or service.
Usually the most profitable solution is to manufacture and sell the products yourself, but this carries the greatest risk. You will need to have routes to market, supply chain, HR, R&D, marketing functions etc., and not forgetting time, focus and resilience in spades. The reward is that by registering your IP, you can protect your investment by precluding competitors from adopting your patented technologies, making you the sole supplier of the products or services.
The licensing option is all about sharing the risks, and hence the rewards. The licensee takes care of the facilities, supply chain, routes to market, HR, etc., but you have different routes to market in that you have to find potential licensees and convince them to take a license. A license can be negotiated for particular territories, or fields of use, which may allow the IP owner to increase revenue or market penetration in other territories or fields that you cannot exploit. Equally, you might wish to pursue other business opportunities, by licensing-in technology, where strong IP protection is available.
The sale option is where you sell the IP asset for a lump sum, and walk away. You still need to think about R&D and prototyping, and finding and marketing to potential acquirers of the technology, and convincing them to pay, but this is one way of exiting and obtaining a return on your investment.
A pending patent application can also often be enough to confuse or stall a potential competitor. If you are a start-up and need to attract external funding such as, for example, venture capital finance, or identify strategic partnerships, then it may be essential for you to be registering your IP.
The “Patent Box” scheme is another commercial reason to seek patent protection. The Patent Box is a tax relief scheme that is available to companies liable to UK corporation tax and operates in parallel with, and in addition to, the existing R&D Tax Credits scheme. Our strength lies in identifying, filing and prosecuting patents to cover your key product developments that might benefit from such tax relief.
I’ve dealt with Dr Prichard for over 20 years, Les is a tenacious, strategic thinking attorney and this is reflected within his supporting team. His approachable manner and understanding on all technical subject matter is fantastic – I can’t recommend highly enough. 5 stars!Phil Sutton FRSA, serial innovator and entrepreneur
I would just like to thank you for the recent work you completed for Stands Out Ltd. I am extremely pleased with the outcome and I will be back to use your services when the next opportunity arises. It’s always a worry when trying to decide on who to use for any professional service, but I feel like I’ve landed on my feet with Culverstons and I’m really glad you were recommended to us.James Duncalf, Stands Out Ltd
Whilst looking for a patent lawyer, I asked a friend of mine who is also in the law profession if he knew anyone, he highly recommended Leslie and gave me his contact details. From our initial meeting Leslie made the patent application easy and simple to understand as I knew nothing about this process, the application that he produced covered everything that we needed to protect in order for us to start approaching manufacturers and clients with the knowledge that we had the security of patent pending supporting us. Due to Leslie’s services we now nearing the date to our patent application being granted which has given our company a massive head start and advantage over our counterparts. Leslie is always on the end of the phone whenever needed, and I would highly recommend Leslie Prichard to anyone needing support in the patent application process.Anthony James, Track Tracker
I would highly recommend Les at Culverstons. Since getting in touch with him his knowledge and experience has been invaluable. Les has helped me to file a patent application that has allowed me to speak to investors and secure a licence agreement. Absolute fantastic service.Carl Nesbit, serial innovator
Without the guidance, advice and clinical knowhow from Les, we really wouldn’t be as far with our project as we are right now. If it wasn’t for the extensive research provided and the background knowledge which Les had in the field in which we were filing our patent, then our patent and business wouldn’t be anywhere nearly as strong as it is. Culverstons provide outstanding service and helped us every step of the way.Adam Stanley, N-Ion Sports Technology Limited
Intellectual Property can be incredibly complicated and detailed, so thank goodness we have Culverstons supporting us in this aspect of innovation. Les presents a human face to this dry but essential factor in bringing products to market, explaining clearly and mapping the route ahead. I actually look forward to our meetings and see him as a part of the team.Lisa Furlong, Green Mole Ltd
We would highly recommend Culverstons and regard them as a key partner for our business. If you are new to the world of IP, need someone to help guide you through the complexities or need to review your IP strategy for R&D projects then Culverstons is the business you need to be working with you. Les’s expertise and knowledge is invaluable and he is a genuinely lovely person to work with.Jill Morris, DracoDrum Limited
Since the founder of The IP Shed is a UK Chartered Patent Attorney, any discussions regarding your ideas are deemed to be “in confidence” and do not prejudice your rights to obtain IP protection.
The feedback we receive from our clients is that we are user-friendly and approachable, so please do get in touch here to arrange a discussion.