We all know what a patent is, though I will start with a brief introduction.
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.
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.
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.
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.
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.
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.
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.