It often takes a lot of money to come up with a new invention or product, so you would think that most businesses would want to patent their products to stop other people from copying their ideas. However, unfortunately, this isn’t always the case. Many business owners choose not to patent their products as it can be a long, complicated, and daunting process.
While patenting a product may not be easy, there are many reasons why businesses should consider spending time and money patenting their inventions. If you have an invention that you don’t want other people to copy, here are some of the main reasons why you should patent your invention:
1. Stop Your Competition from Copying Your Ideas
One of the main reasons why you should patent your inventions is to stop your competition from copying and making money from your ideas. If you have a patent in place, and a competitor copies your ideas, you can hire a patent litigation lawyer who will help you sue them for infringement. This will severely hamper your competition, and it may result in them having to pay you damages, and/or having an injunction issued that prevents them from selling their product.
2. It Can Help to Improve Your Market Position
By patenting your product, you are limiting the ability of other businesses to copy your ideas. In the long term, this can help to reduce the number of competitors you have. Not only that, but it will also help your business to stand out from other competitors. In the long term, this translates to more money in your pocket and a higher ROI.
3. It Gives You the Ability to License Your Invention
Another reason why you should consider patenting your product is because it gives you the ability to license your invention. Licensing a product can be a huge source of income for inventors. Even if your business is unable to market and manufacture your invention, you might be able to find other companies that can. By licensing your products, you can profit from them without having to do any of the hard work such as making the item. Many businesses prefer to work this way; however, this isn’t possible unless you have a patent.
4. You Can Negotiate Better
Patenting a product can give you a lot more leverage when negotiating with other companies. This is particularly true when it comes to cross-licensing deals.
5. It Protects You Against Intellectual Property Theft
When trying to get a product off the ground, businesses have to share their ideas with lots of other people, such as investors. Unfortunately for business owners, this can lead to people stealing their ideas. In fact, Intellectual Property (IP) theft happens quite often in business. Having a patent stops these individuals from stealing your ideas, and it also prevents you from having to take part in expensive legal battles. This is why it’s so important to protect your business by applying for a patent.
Despite there being several advantages of patenting inventions, many businesses choose not to apply for and receive a patent. One of the main reasons for this is because applying for a patent can be a long and complicated process. Unfortunately, most of these businesses soon regret this decision. If you have an invention that you don’t want others to use, then don’t procrastinate – start working on your patent today.