Question
We have been developing software for multiple platforms with a focus on financial and consulting services. Recently, we have invested considerable time and effort into the development of innovative financial technology that will be integrated into a new product release. Considering the time and money that a patent application could take, we are wondering if it might be worth it nevertheless, given that it could be difficult to maintain a competitive edge with the product otherwise. However, it seems like there is considerable uncertainty regarding the patenting of software and/or financial inventions. How can we figure out if we could end up spending a lot of money on a declined application?
Answers: 3 public & 0 private
Wether it would be worth to pursue patent protection is - in principle - a business decision where many considerations may come together. You have to keep in mind that patent protection is meant to give you a competitive edge over your competitors. This can only be gained if the invention gives such advantages that customers are willing to pay extra for it (i.e. what is the value of your invention in terms of profit or turnover?) and if it is possible to deter your competitors (are there easy work-arounds, what are the alternatives? Do these minimise your profit or turnover). Next to that come the questions of costs that you need to spend for patent protection (in which countries?) and how high the chances are to obtain a patent (is your invention patent eligible and new and non-Obvious?).
Since the answers to all of these questions are very case-specific, the answers can only be provided after carful advice kowing all the ins and outs of the invention and your business situation. It simply can not be answered on fora like this one.
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