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InnoBlog: How to protect a business idea – lessons from Master’s in Energy for Smart Cities Innovation Journey
What would you like to do after graduation? I am sure being your own boss will always be an option! Building a business from scratch seems common for EIT InnoEnergy students since we are being equipped with the required skills. However, is it an easy job? No way! Let’s assume you have a product, your business plan and financing are sorted, then what else is needed? Well, hundreds of things but something that many forget is how to protect your idea in such an innovative world – the Intellectual Property (IP) protection. In the BIZbootcamp for Master’s in Energy for Smart Cities students, Elena Louis, Intellectual Property Officer at EIT InnoEnergy, introduced the IP for business. Let me share some of the insights!
IPRs are more important than you think
This was a subject that did not appeal to me at the beginning but it turned out to be exciting! These types of entrepreneurial classes are amongst the advantages of joining the Master’s in Energy for Smart Cities. Following the session, I did further research and here’s what I found:
Do you know that 99% of all business in the EU are small and medium enterprises (SMEs)? However, most of these SMEs don’t survive the first 2-3 years facing the exact challenge that we going to discuss, protection of intellectual property rights (IPRs).
So, if starting a company is one of your considerations, then IP protection should also be your consideration. IP can be anything; intangible ideas, creation, names and symbols are all under this category. Why it is important? In short, it protects your core business and the development activities with a bonus of making your products appealing (depending on the situation though). Without IP protection you can face infringement or even worse, others might prevent you from using your IP. When it comes to the funding opportunities, these IPRs make you more competitive and increase the value of your business.
As we were taking the class during our entrepreneurial part of the programme, Elena focused primarily on business IPRs, meaning patents, trademarks, industrial designs, copyright and trade secrets mainly.
How can IPRs help you when starting your company
So, what should you do to obtain these IPRs? Finding an attorney is always an option. But it is best to first understand the procedure. Different regions and different IPRs might have a slightly different process. Let’s take an example of the patent application in Europe. Start your application in the European Patent Office (EPO). Your application should consist of:
- a request for grant
- a description of the invention
- claims
- drawings (if any)
- an abstract
Then, EPO will check, examine your application, and publish it. You will have some time to consider pursuing this or not. If yes, your application will go through a substantive examination where the decisions from the examining division will be given. Once the grant is published, the patent must be validated in each of the designated states. Sometimes it may be opposed by your competitors after the grant, and you can also revoke your application. Do not forget to appeal when you get rejected. And, as Elena says, always remember to ‘think thoroughly before you apply’.
Whether you are considering starting a company right after your studies or some day in the future, knowing about IPRs can definitely save you some potential headaches. My best wishes to all future businesses and looking forward to seeing your creations in the energy market!
by Yanshu Wei, Master’s in Energy for Smart Cities
Are you ready to start Master’s in Energy for Smart Cities this intake? We invite you to join our current student and graduate who will share with you firsthand everything you might want to know about starting the programme!
InnoTalks Ask our students and graduates: Master’s in Energy for Smart Cities
Date: 27 May
Time: 15.00 CET
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