If we’re all trying to combat the same climate crisis, why do patents for green technology matter so much?
While some technology continues to be developed to satisfy a consumer market, there has been a recent shift in the level of attention being given to environmental innovations that offer more than just commercial viability. The rise of an eco-conscious society has resulted in the value of green technology finally being recognized — but this attention doesn’t come without its problems.
Even though we’re all trying to work towards the same goal of improving the climate crisis and preventing further damage to the ecosystem, viable solutions to time-sensitive issues can only be found if innovators are given a fair chance to act. With the environmental technology market estimated at USD 552.1 billion in 2021 and a projected value of USD 690.3 billion by 2026, there has been a welcome surge in the number of technology companies dedicating their time to sustainable innovation. However, the sad reality is that not all of these companies vying for early market attention will have a long-term commitment to the cause.
For the environmental innovators who are genuinely committed to a better future and need their solutions to stand out amongst companies who are only interested in short-term profit, we’ve outlined five reasons why patenting technology might be a good way to help this happen!
1. Patents increase the chance of funding and stability for green technology companies
If you believe that it’s counterproductive for environmental technology companies to compete directly with each other during such a critical stage of a climate crisis, you may have a point. However, it's important to remember that not all innovators safeguard their technology for purely financial reasons. The most committed environmental innovators seek to protect their research and technology from the risk of it being modified before it has a chance to do the good that it sets out to do. So how can we stop this from happening?
The United States Patent and Trademark Office (USPTO) defines a patent as “the grant of a property right to the inventor” — giving the patent owner a right to exclude others from making, using, or selling an invention with the specifications set out in the patent. Generally, a patent is valid for 20 years and allows the patent owner to establish their invention without the fear of others stealing a ready-made concept. This is particularly important for time-sensitive projects that have already dedicated a lot of time to research and development phases and don’t want their ideas being stolen before they can get the project off the ground.
For example, advanced water solutions companies that invest time and money into finding specific solutions to the water scarcity crisis are working under severe pressure to achieve results as quickly as possible. With a patent, there is an improved chance of funding and overall security for a project, allowing innovators to continue work on projects that they believe in under more comfortable conditions. For an inventor to have an idea stolen, it’s not only disheartening — it’s also a good way to lose investment and bring an entire project to its knees. That’s why wherever there’s a good idea, there should also be a patent!
2. Applying for a patent is a sign that the company is committed to their technology
If you are a company that develops new technology and you decide to seek a patent for it, you are showing that you are serious about your technology and believe in it from the beginning. The application process for a patent is expensive and lengthy, so it’s unlikely that you’ll begin the process if you don’t believe it to be worthwhile. It can take approximately 24 months to get a patent but it can be more or less depending on the complexity of your application (and if you’re willing to pay to fast-track it!).
If your company commits to the patent application process, it’s likely that you’ve done your homework and know that there’s something really special about what you’ve created. Even though a patent won’t stop competitors from finding other ways to compete with your technology, it is the best way to ensure that you can comfortably continue to develop your technology and position it on the market ahead of anyone else.
As part of the patent process, it’s important to remember that a company must submit technical specifications about their technology that will need to be made public. This can put some companies off, but in the end, the benefits of a patent application far outweigh the disadvantages for innovators who know that their inventions can make a real difference.
3. Patents help stop competitors modifying concepts to suit alternate agendas
Many green technology companies will claim to be motivated by a desire to make the world a better place — but sadly, not all of these companies stay committed to their original objectives. While many start off with good intentions, the draw of an attractive market sometimes steers inventors away from what they set out to do and into more commercially-focused territories. Even though this isn’t a unique occurrence in the technology sector, it is disappointing to see inventions with real life-saving potential switch to more short-term and profit-driven agendas.
While some green tech companies can successfully balance both commercial and socially responsible opportunities (more on this a little later!), the reality is that only companies in complete control of their technology will be able to achieve this. For technology that isn't patented, there will always be a risk of competitors seizing any opportunity they can to take a good idea and use it to feed a hungry consumer market — while completely ignoring the original intentions of the technology.
With a patent, green technology companies with long-term goals can retain their good intentions, while also satisfying investors by offering value in the form of security and a commitment to delivering what was promised from the beginning.
4. Patents offer additional security for green investment opportunities
Following on from the previous point, all good green technology companies will understand that social responsibility isn’t enough to keep investors loyal. Promises on financial return must be maintained and with a patent, there is always a better chance for return on investment (ROI) than there is with non-patented technology. If you intend for your technology to maintain a good market position, protecting that position wherever possible is essential.
Even for investors who view green investing purely as a good PR opportunity, all investors will still want to know that their money is being put to good use. With patented technology there is real promise for companies to secure results without the fear of copycat technology stealing the limelight before good numbers can be achieved.
5. Patent licensing allows inventors to share their technology on their own terms
Companies who put the time and money into researching the most viable solutions for real-life issues deserve to have control over the outcome of their work. If an innovator believes that it’s time for their technology to be shared — a patent allows them to decide when this moment is.
Patent-holders can profit from selling licenses for their technology (or even selling the patent outright!) and even though the royalties are usually only between 3-6 percent of the gross profit — this option allows inventors to take their technology to a point of their choosing and share it on their terms.
Which patents has Oxydus been awarded and why are they important?
Oxydus has developed the Teva7 system, the only remotely managed atmospheric water production system set to launch on the market. The unit extracts moisture from the earth’s atmosphere and turns it into instantly drinkable water, with all functions controllable from anywhere in the world. A new filtration system that no previous machine can compete with also means that the Teva7 unit provides real hope for the current water scarcity crisis.
Fully committed to providing long-term, viable solutions to difficulties that affect the entire world, Oxydus has set about ensuring social and financial security for technology that we know can change lives. We want to continue to advance our current technologies and work to develop new innovations for many years to come — so establishing ourselves correctly from the beginning has always been a priority.
Oxydus has already been awarded three patents for the Teva7 machine. They are:
1. Methods Patent (U.S. patent No. 10,619,333) — issued on 4/14/2020
2. System Patents (U.S. Patent No. 10,633,835) — Issued 4/28/2020
3. International (PCT Reg. No. PCTIB2019050405) — Issued 5/22/2020
These patents ensure that Oxydus will stand out amongst competitors upon launching, and help prevent competitors from copying the technology with a deviation from its original intentions. Oxydus values its investors' commitment and wants to offer as much security as possible for the long-term development of our goals. Even though the Teva7 unit is our current focus, this is only the beginning of the sustainable technology that we have big plans for.
If you would like to receive technical documentation on our machinery and process, you can contact us directly. For investors, you’ll find all the information you need at: https://wefunder.com/oxydus