Inventing a new gadget, product, or method of doing something can be quite exciting. It makes you feel like you are contributing to new advancements or creations that make the world a better place. Amidst the excitement and exhilaration of actually creating something that is helpful, you may forget to keep your invention safe from piracy, which can cause copycats to come out of the woodwork and use your ideas and hard work for their own gain. Filing for a patent has numerous advantages that you need to be aware of. Here are a few reasons why every investor should patent their inventions
Maintain Copyright Ownership
The first advantage you are going to get is having copyright ownership of your invention, whatever it may be. This means that for the amount of time that the patent is applicable, no one can replicate your invention without giving you credit for it. Giving credit does not just mean stating who the original creator is; it also entails paying an agreed-upon sum of money to the inventor in exchange for using the design they created.
Gain a Competitive Advantage
Since a patented invention cannot be copied by any individual or entity without facing severe consequences and possible lawsuits, having a patent gives you a significant competitive advantage. This is especially the case if you have created something that is completely new in the market. In this case, you can corner the market all by yourself. If you would rather sell your product’s licensing to different companies, you get to choose which companies to work with as long as you own the patent for said product.
Increase Your Revenue and Sales
Because a patent will have a unique advantage that diminishes your competition significantly, you will be able to play with the price as much as you want without having to worry about competitors stealing your customers with lower prices since yours is the only company that can sell this product. Of course, there are other ways to increase revenue for your business. However, as an aspiring entrepreneur, you need to think of all the different ways to increase profits, especially when it comes to capitalizing on your unique intellectual property.
Maintain Control Over Licensing
As mentioned above, you can corner the market with your patented product if you want to, but this is not the only option you have. If you do not have the capital needed to start mass-producing the invention you created and to market it correctly, you can start partnering with investors or other companies to manufacture and put your product on the market. In such cases, your patent will give you total control over who can mass-produce your invention. Without a patent, it will be impossible for you to protect your rights if a company decides to produce your invention and keep a hundred percent of its profits.
Difference Between Provisional Patent Application and a Patent Application
Sometimes, you have your invention ready, but you do not have any investors or companies lined up to partner with you. In such cases, you should file a provisional patent application. This application ensures that no one can patent your idea or invention up to a year from its filing. However, if the year ends and you still do not have your invention patented, then it is up for grabs. Getting patent approval can be a very lengthy and complicated process. This is why more often than not, inventors choose to consult with patent attorneys to make the process easier on themselves. This gives inventors more time to develop their products. You want to put your ideas out there so that people who are interested in it can start investing, but you do not want a company to steal your idea and patent it as one of their own, which is where specialized attorneys come in.
Add to Your CV
Having a patent in your name increases your value as a potential employee exponentially. It gives future employers an idea of your expertise in the field and how you are going to be a valuable addition to their staff. Even if the patent is for an idea, a procedure, or a new method used to improve something, having this accomplishment listed in your CV can open the door to numerous career opportunities for you. Whether you are the only inventor or a co-inventor, this is a noteworthy accomplishment that should be mentioned in your CV.
Protects You From Incurring Losses
Unfortunately, the business world is full of sharks that are hunting and competing for the next opportunity that will bring them profit. Not all businessmen will respect your creative rights, and they might attempt to use your idea or invention for their profit without a license. If you go start mass-producing your invention without a patent, then there is nothing that can legally stop a company or other entity from copying your invention or claiming ownership of your original idea. In fact, there is nothing to stop them from filing for the patent themselves and prevent you from selling your own invention.
Filing for a patent can make all the difference when it comes to protecting your inventions and intellectual property. To ensure that your ideas are not used by others without your permission, it is vital to ensure that they are legally protected. If you don’t know how to apply for a patent, then it is better to contact a patent attorney or specialized consultant.