Patented technology can be a key asset for businesses developing new products
In asscociation with Knowledge Transfer Ireland
At the recent launch of a new Irish research and innovation directory, companies were urged to tap into the €1 billion R&D resource via collaboration with third level and other research organisations. In partnering like so, companies can avail of various Irish and EU State supports to become more innovative and ultimately more competitive.
Value add from such research partnerships goes beyond project outputs and it is clear that access to expertise and talent pipeline is also important. Another outcome may be access to intellectual property that can result from the collaboration.
Intellectual property (IP) is the term used to describe intangible assets that can be protected by providing Intellectual Property Rights (IPR) that can provide a competitive advantage and can be traded. There are different types of rights, some of which have to be registered to be effective, others arise automatically. IP can be split into six main categories: know-how, designs, patents, copyright, database rights and trademarks.
Indeed, any or all of these forms of IP might result from a collaborative research project and to the choice of which to protect is a strategic business decision. The company will usually benefit from the Intellectual Property Rights through a licence. Of course, companies may also create their own IP in-house.
Making things simple
Protecting IP may seem daunting and it can appear complex. However, Knowledge Transfer Ireland (KTI) – the Irish body that makes it simpler for businesses to boost their competitiveness through innovation – provides access to various tools and resources to make that process easy to understand.
On 15 June KTI will host a webinar on the topic of patenting. Patents protect technological advances such as new or improved products or processes and provide the right to exclude others from exploiting (making, using, selling, importing) the patented invention, except with the consent of the owner of the patent. This provides strategic space for a company to invest in bringing products to the market and gives investors confidence in the value proposition. IP is of particular interest to those involved in research and development in the medical, science, technology and engineering fields.
Those attending the webinar next month will hear from guest speaker Michael Lucey, director at European intellectual property firm Purdy Lucey, who will provide an outline the fundamentals of applying for a patent and the importance of this intellectual property right as part of a commercial IP strategy. Mark Lyons, CEO at Hooke Bio and Declan Soden, CEO at Mirai Medical will outline how patented technology has become a key asset for their businesses.
To find out more or to register to attend the webinar on 15 June visit Webinars – Knowledge Transfer Ireland. The KTI website offers many other materials relating to the protection of IP and to research collaboration including guides on how to go about this. These include a KTI Practical Guide to Managing IP and Confidentiality and the Simple Guide to Ireland’s National IP Protocol.