An invention requires enormous time and money; above all, it requires patience. Inventing such ideas need to be protected. Continue to the presentation to know what you will get if you registered for a patent.
2. A patent is a legal document giving the patent owner
certain exclusive rights like use and sell their invention for a
limited time. The invention is granted by the government
of the state or the country, depending on the national rules.
An invention requires enormous time and money; above all,
it requires patience. Inventing such ideas need to be
protected. Continue reading to know what you will get if
you registered for a patent.
3. Exclusive Rights
As mentioned earlier, the patent provides
exclusive rights to the inventor to prevent
others from using it. The patent is valid for
20 years (for India) from the date of filing
the patent application.
4. Strong Market Position
The inventor can protect his invention thus
by preventing others from using the
patented invention, thereby reducing the
competition. Thus establishing a place in the
commercial market is very easy.
5. Higher Returns
on Investments
Having contributed a lot of time and cash in developing the
creation, under the umbrella of selective rights, the
innovator could get the development to the business market
and accordingly get more returns on the investment.
This relies upon the financial utility of the patent. Thus,
the creator should ensure the commercial viability of the
patent prior to contributing to the patent.
6. Opportunity to License
or Sell the Invention
Suppose the inventor doesn’t want to exploit
the invention himself. In that case, he can
sell or licence the rights to commercialize for
another enterprise. This would result to
bring royalty and revenue to the inventor.
7. Positive Image
for the Enterprise
A patent is a property, an important asset for your
company. The positive reputation that results from
this may be valuable in attracting customers as
well as investors.
Further, this may prove useful for raising
funds, finding business partners and also
increase the company’s market value.
8. Closing Thoughts
Suppose you are not familiar with IP rights. In that case,
you can get assistance from experts excelling in
patent registration and other branches of IP rights.