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Tbl27201 Assignment

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TABL2731 Assignment
Part A:
Patent Application for bicycle lock
It would be worthy to apply for a patent with IP Australia for the bicycle lock which grants exclusive rights to CycloPlatform for the new innovation. A patent prohibits others from manufacturing, selling and using the innovation within the country the patent is issued thus, allowing for the inventor to hold a monopoly in the market for the new product over the life of the patent. Bicycle locks have been around from more than two decades so the patent would have already expired. While there have been, patents previously filed filled pertaining to Android and iOS apps being able to remotely control bicycle locks and irrespective of whether an international patent has been granted …show more content…

Therefore, Cycloplatform have the potential to seek a standard patent to reap the benefits of a twenty-year monopoly despite the process being long, complicated and costly. However, if Cycloplatform is pushing for an earlier launch of the bike sharing service and given the low levels of capital an innovation patent would suffice as they are cheaper and much quicker to process. Even with an eight-year monopoly Cyclopatform could still have sufficient time to establish itself as a major player in the bike sharing industry. The innovation patent is also advisable if long term prospects of bike sharing is rather vague and subject to consumer demand as potentially the business could close before the standard patent expires. Ultimately, it depends on the amount Cycloplatform has invested into research and development, Cycloplatform’s confidence in its future prospects, current short-term strategies and capital adequacy levels which would direct which patent the company would applied for but an innovation patent is recommended. Furthermore, a patent established a strong proprietary position could help attract investors who would provide capital to assist in inventory setup costs, marketing and distribution and other expenses. In addition, a patent would attract recognition in the

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