MallamShafiie Ahmed of the National Office for Technology Acquisition and Promotion has an interesting story to tell about the Toyota family of Japan. Let us listen to him:In 1896, Sakichi Toyota obtained a patent for a version of the power loom which resembled previous machines used in Europe since the 18th century and more recently Japan.Despite the important technological achievement by Toyota, competition in the market proved so strong that the invention would not earn him sufficient profit to continue in the power loom business.Twice he tried to set up a business for the commercialisation of his power loom patent and twice his business failed. Thirteen years after his first attempt, Sakichi succeeded in inventing an automatic loom.He introduced some important changes to the European automatic loom which gave him an edge over his competitors. A number of other patents were obtained to complement and fine-tune the invention and finally in 1924, the Toyota Type G Automatic Loom reached the market.Kiichiro Toyota, Sakichis son, reached an important agreement with Platt Brothers & Co for the commercialisation of the automatic loom. Platt Brothers paid Toyota 100,000 pounds (equivalent of $25m today) for the exclusive rights to manufacture and sell the automatic loom in any country other than Japan, China and the United States of America.It provided a huge injection of capital for further investment in Research and Development. Toyota decided to invest the 100,000 pounds as initial capital to set up an automobile company.The import of Ahmeds story is that without obtaining a patent, the Toyota family might not have been able to establish the Toyota Corporation that has churned out some of the best enjoyed cars and vehicles in the world today.Patent is the exclusive right granted to an inventor to exclude others from making, using, offering for sale or selling the invention in a particular territory or territories.Some people argue whether a patent hinders invention or a facilitator. Director-General of NOTAP, Dr. Umar Bindr, believes that it protects invention, encourages creativity, promotes enterprise and creates wealth.According to the World Intellectual Property Organisation, since the creation of the first mechanism to protect inventions in 15th century, the patent system has evolved with a view to promoting innovation and encouraging economic development.It said, By offering exclusive rights for a limited period, an inventor may recover R&D costs and investments. It also promotes investment to commercialise and market new inventions so that the general public can enjoy the fruit of the innovation. Further, the system is designed to disseminate knowledge and information to the public through publication of patent applications and granted patents.Many countries, in particular least developed countries, have only begun to address the challenges of setting up an appropriate patent system in place to reap economic and social benefits.The development of these countries resources and infrastructure and their capacity to benefit from the rapid growth of intellectual property as a valuable economic asset in the world economy remain an urgent concern.There are many inventions that are gathering dust in private shelves and the shelves of many tertiary institutions as well as research agencies.Such inventors may have to look at their innovations again, modify and patent them and seek for ways to reap the business potential of their patents.From the story of the Toyota family, we see that an inventor can modify a product that already exists in order to create a more functional new product. In doing so, the inventor must have to look at ways of adapting the invention to solve practical problems in the society.It is when an innovation can solve a problem in a society that it stands the chance of bringing wealth to the creator.An innovator might not have the financial resources to roll out a product (commercialisation) from an invention. Obtaining a patent offers the innovator an opportunity to make wealth from the innovation.With a patent, an innovator can seek for partnership with a person or institution that has the capacity to translate the innovation into a product.Some organisations would rather prefer to buy the patent and perhaps employ the patent holder. Whatever the case is, the patent holder is able to make good money.Apart from the creative skill that gave birth to the innovation, the patent holder must have marketing and negotiating skills in order to make money from the patent. Those that lack these skills can appoint agents who have the skills.In Nigeria, the Patent Office of the Ministry of Trade and Investment is responsible for granting patents to inventions. It does this in collaboration with NOTAP.Granting of patent begins with application from the prospective patent holder. Before a patent can be granted to an innovation, it must meet some requirements.NOTAP often helps young people to patent their works and it may be the first place to begin in seeking for a patent.
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