Intellectual Property
Creation of the mind
Intellectual property refers to creations of the mind, such as inventions, literary and artistic works, and symbols, names, and images used in commerce. It is protected by copyright, patents, trademarks, and trade secrets. These protections allow individuals and companies to have exclusive rights to their creations, preventing others from copying or using them without permission. Intellectual property is important as it encourages innovation and creativity by providing incentives for individuals and companies to invest time, money, and effort into developing new ideas and products. It also helps to build and promote trust and recognition in the marketplace.
Why Intellectual Property Right & Protection?
- Protect Human Intellect as applicable to other Physical properties i.e, tangible assets.
To shield an Invention or Creation from being duplicated or copied by another Person or Company.
Fostering Innovations. without protection of Ideas, Business and Individuals would not reap the full Benefits of their Inventions.
How do you claim Intellectual Property
--File an application
--Intellectual Property Transfer--Selling Of Intellectual Property
--Lease with option of royalty
- Accrueable Amount Earned By The Patent Holder Per Year Through The Use Of His Intellectual Property By A Company
--Outright Sale
- Intentional Legal Transfer Of Patent To The Second Party Without Having Any Claim To The Patent Any Longer. This Is More Expensive.
Patentscope
The World Intellectual Property Organisation -WIPO is the custodian of registered Intellectual properties worldwide. The head office is in Geneva.
The patent around the world in WIPO data base in the year 2021 is 3.4milion.
Nigeria is a member of WIPO. It was established in the year 2020.
In 2021, China had the most patented grant worldwide with 695,946 patents granted to resident and non-resident Companies or Organizations.
The United State followed with 327,307 granted patent. In the same year 2021, Nigeria had 1,400 granted in WIPO data base. The two recognized patent organisations worldwide are: European patent Organization (EPO) and American Patent Organization (APO).
African regional patent organisation (AREPO) is in Zimbabwe.
NB: Nigeria is not a member of AREPO.
HOW TO PATENT IN NIGERIA
- Through Patent Attorneys.
- Through National Office for Technology Acquisition and Promotion (NOTAP).
- Through licensed and trained Patent agents.
Location of patent Office in Nigeria: Federal Ministry of trade and Investment, patent, Trademark and design, Old Federal Secretariat, BLOCK D AREA 1, GARKI, ABUJA.
NOTAP Head office: No. 4, Blantyre Street, Off Ademola Adetokunbo Crescent, Wuse II, FCT, Abuja.
Duration of patent certificate is 20years.
During the 20 years, replication or copy of design or product is an infringement and is legally enforceable offence.
After 20years, it will be thrown to public domain. i.e., any person can access and produce the invention legally.
Start up investors are more interested in the Lifespan of the Patent Certificate.
This is based on the clause that, out of the 20years lifespan of a patent, 10years short of it means limited control of the innovation in the market by the investor before it will go into public domain for any person to produce.
TIME FRAME FOR FILING AND OBTAINING A PATENT CERTIFICATE.
A Patent filing and certification takes from 2 months to 1 year in Nigeria depending on the agent used.
International patent application and certification takes 2 to 4 years for European Patent Organization (EPO) and American patent Organisation (APO) depending on the patent agent used.
Filing your patent with European Patent Organization (EPO) and American Patent Organization (APO) enables your patent to be recognised with protection enforced on it in other countries of the world.
European Inventors award (EIA) recognises only patents filed and certified in European Patent Office.
COST OF DRAFTING AND FILING A PATENT
Drafting and filing a patent in Nigeria is between #200,000 to #350,000 depending on the registered agent and the patent document.
Cost of drafting and filing a patent in EPO and APO is between #4M – #7M depending on the content of the patent document and the patent Attorney.
HIGHEST NUMBER OF PATENTS IN FORCE 2022 IN WIPO DATA.
U.S —————————- 3.3million
China —————————- 3.1million
Japan —————————- 2 million
Republic of Korea ————-1.1 million
Germany ———————– 0.8million
The African Country with the highest patent Applications in value ratings in WIPO 2022 are:
Egypt ——————–978
South Africa ——– 542
Nigeria —————-410