Reasons for Patent Protection and Cost-effective Patent Filing Options for SMEs

Abstract

Many innovative small and medium enterprises (SMEs) do not seek patent protection for their innovations, either because they are skeptical about the perceived benefits or wary of the perceived costs. However, by failing to protect their intellectual property with patents, they leave themselves exposed to attack by other patent holders. This article explores arguments for patent protection as well as filing options that can protract the patenting process while simultaneously reducing patenting costs. By choosing their patent application filings wisely, SMEs can keep their patenting options open for as long as possible while delaying costs.