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Getting A Patent For Your Idea In Nigeria

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It is one thing to have a great idea but when it comes to protecting the idea from being copied, that can be a challenge.

What is a patent? patent is a monopoly granted by the federal government to an inventor for limited period of time to use or license his or her invention. We have been asked time and time again if it is possible to patent a business idea in Nigeria.

The answer to this is a big NO! But don’t get disappointed just yet. Although, you may not be able to patent your startup idea, you can patent an invention. You can get a patent in Nigeria just like any where else even though different rules may apply.

The Difference Between An Idea And An Invention 

While an idea is an untested imaginary concept, an invention is the realistic product of your idea. Your invention can be in the form of a process, composition, that has descriptiondesign, features, etc.

For instant, you have an idea for a software that records your body temperature daily to determine your health status. The idea for such an idea can’t be patented if you have not built it or can’t proof that the software can be developed.

Who Is In-Charge?

Patents are issued by The Trademarks, Patents And Designs Registry, Commercial Law Department, Federal Ministry Of Industry, Trade & Investment.

Who Can File A Patent? 

Only accredited agents can file a patent on your behalf. Therefore, it is advised that you hired the services of a seasoned certified patent lawyer or firm.

What is Required for Registration?

Your concept has to be unique. In other words, it should not have been patented before. Moreover, you would have a stronger case for a patent if the invention is totally innovative. Every applications for patent has to come with a request for patent. Which has to be signed by the applicant or an agent representative.

The patent application should also contain the names and address of the applicant, a specification requirement. As well as a claim, drawings (of process) and plans, a declaration if any, signed by the inventor, a signed power of attorney or authorization of the agent if the request is made by the agent; the address of the business in Nigeria and the patent fee.

What Is The Duration Of Patent?

In Nigeria, every patent ensures the holder is granted a monopoly for twenty years from the date the patent was filed. Also note that not paying the fixed yearly fees can result to the patent getting canceled. The grace period for the payment of such fees is six (6) months. 

Want To Patent Your Invention?

In a bid to file patent for an application we are currently developing, we sort the services of a law firm with experience in patent registration in Nigeria. The process was smooth and affordable. So much so I had to make this recommendation. NLIP Watch helped with all the technicalities involved with our application. I believe they can help with yours. Visit the seasoned lawyers at nlipw.com to discuss your patent today. 

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Business

How Open Innovation Can Reduce Innovation Cost

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As mentioned in my previous article, investing in innovation will help you grow your business, stay ahead of the competition and help you take advantage of new technologies.

However, when it comes to innovating, the challenge for most companies is how to spend money smartly. To be able to innovate at an increased pace, companies need to reverse this predicament by weighing the costs with the potential profits and make the best decision.

One of the best ways to reduce the cost of innovation as a company is by applying open innovation methods and principles;

Open Innovation

Prof. Chesbrough defines open innovation as “the use of purposive inflows and outflows of knowledge to accelerate internal innovation. And expand the markets for external use of innovation, respectively”. The advice for companies looking to innovate is that they should make use of external and internal ideas or paths to market, as they look to maximize profits and minimize cost from their innovative activities.

Organizations are partnering with a wide range of external parties such as startups, software publishers etc to tap into their ideas, insights and solutions. With open innovation, you would be reaching a large group of potential partners quite easily. The good thing is, you would only pay participants if a solution is found. This way, the overall cost is likely to be smaller in relation to the amount of ideas and input. This is profitable for companies especially in a downturn.

For example, in 2006, Netflix offered a reward of 1M USD to the team that could deliver successful innovative method, instead of attempting to develop this internally with no guarantee of success. This process was cost-efficient and also reduced the risk of a failed investment. Although, Netflix did not use the original winning algorithm, there were other excellent candidates to choose from. They went with one of the runner ups who also had something close to what they were looking for.

This paradigm when done effectively would help mitigate many of the risks involved in innovation. Thereby giving you a better chance at securing the best results for your organization.

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Business

Top 3 Social Trading Platforms For Copy Trading

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social trading

Let’s talk about social trading networks, shall we?

Imagine earning from Forex or a trade without having to dedicate most of your time and resources. Imagine the ease of learning how each strategy works when it comes to trading. This is what social trading allows you to do and far more. What is social trading? You might ask, don’t worry, I will tell you.

Social trading is a form of investment that permits investors to watch the trading behaviors of both their peers and experts within the trading world. It allows you to follow their investment strategies using either copy trading or mirror trading.

This method of trading makes it easy for beginners to link their trading accounts to those of expert traders and imitate their trades automatically. It was even described by the World Economic Forum as a low, sophisticated alternative to traditional wealth managers. Little or no knowledge of the financial markets is needed.

Lately, social trading is being talked about as one of the best things to have happened to the online trading community. There are numerous Social trading platforms out there, it keeps increasing. However, here is our Top Three Social Trading Platforms with some of their main features;

1. Etoro

Founded and run by Yoni Assia, eToro is a great platform for starting traders. It provides a huge variety of investments and also a community of traders where users have the opportunity of interacting with each other like every other social media platform. With their News Feeds feature, users have the opportunity to monitor and manually copy any trader of their choice.

This platform has an interesting feature called the Copy Trading where users can automatically copy traders in bits thereby managing both exposures and risks. What I love the most about this platform is the free and unlimited demo account made available to everyone.

2. Naga Trader

They boast of having some of the best social trading features that include social networking, social trading, copy trading, and innovative investment services such as the NAGA portfolios.

Social networking involves, starting a unique project that traders from all over the world can join hands to work on. Copy-trading allows Naga traders to reproduce the success of elite traders and make it their trades.  These two practices have gained popularity within the global markets so much that Naga Traders were nicknamed – the “Tinder Of Trading”. This platform also gives you access to their social trading network where you meet, interact, and share with fellow NAGA traders

3. ZuluTrade

Founded in 2017, ZuluTrade is a Social trading system that works with dozens of brokers. It is best for hosting the most advanced social trading features. This platform works by gathering many elite investor trading data and records their trading strategies. You can analyze this in a minute and replicate their performance by customizing the risk and investment management. You can also have access to a free demo account, where would practically learn how to start and clarify your ideas.

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