Although most of us have heard about patents and their importance in the dynamic world of innovation, very few innovators actually take the matter seriously. If anything, a lot of the upcoming innovators don’t bother to patent their ideas and it ends up haunting them.
To help small businesses and startups understand the importance of patenting their ideas, we’ve taken a look at what a patent is and provided 10 reasons why businesses and startups need to seriously think about patenting their ideas. So, what is patent?
Patent
A patent is an exclusive right awarded to an inventor by the federal government which lets the individual or company to exclude others from copying, making or selling the same invention for a given period of time. By so doing, federal governments encourage inventors to be as unique and creative in their ventures and avoid copying the ideas which are already present in the market.
The patent system has been in place for more than a century and is responsible for the diversity of the products and innovations that we use in the world today. There are 3 different categories of patents. Utility patents which are awarded to new machines, chemicals and processes, design patents which cover the unique design and physical orientation of a product and finally plant patents which protect asexual reproduction of plant varieties.
If you are a company looking to debut a new idea or product into the market, here are 10 reasons why you should patent your idea;
10 Reasons Why You Should Patent an Idea
Protect your idea from replication and copying
Imagine coming up with a brilliant idea only for someone else with better finances and resources to copy the idea and benefit more from it! This is why it is advisable to patent any original idea to exclude other people from making a similar product or invention.
Establish a market position
By patenting your idea or product, you will have prevented other innovators and companies from coming up with similar products and there literally will be no competition for the product in the market. This will help you establish a commanding market position and this will see you get a very good return on investment from your idea.
Earn licensing fees from the idea
If you have a brilliant idea which can generate a lot of income but don’t have the required capital to kick-start the investment, you can patent the idea and let other bigwigs who have the finances to commercialize the idea and you will get licensing fees in return.
Patenting an idea increases your company’s value
When pitching your idea to potential investors, evidence of a patent will not only improve your company’s CV but will show your commitment to the idea and this helps improve the value of the company. Investors would not love to invest in a risky product which might see them lose millions in case of a lawsuit.
Legal reasons
Patenting your idea will help protect your business from numerous sues and lawsuits by patent trolls and other unscrupulous individuals. With evidence of a patent, you company can avoid litigation or have an upper hand when negotiating for settlement.
Get recognition for your inventions
Nothing is as painful as seeing someone else getting accolades and recognition for your own innovation. This is why it is advisable to always patent an original idea and by so doing, you’ll have created a public record of your idea and you will be able to get the recognition you deserve.
You are free to start a business anywhere
With a patent, you have the freedom to start a business pertaining your idea anytime and anywhere in the world without fear of getting sued. This peace of mind will help you to concentrate on other faucets of the business that will drive it forward.
Beauty of earning from your own creativity
There is nothing as sweet as cashing in on your own creativity and sweat. This is why you should be keen to patent your idea and commercialize it as soon as you have the required funds. By sleeping on the idea, someone will take it up and will start earning from your creativity which is wrong.
Avoid wasting time on suits and other unwanted settlements once business has picked up
By patenting your idea, you will be making your business immune to the endless suits which might come your way once your business has picked up. Even if someone tries to sue you, the presence of the patent will ensure that they have no case and you will have peace of mind to keep driving your business forward.
If you are a business start-up and are looking for the best advice on patents and how to go about the patenting process, give us a call here at Patent Panda and we will be of great help. We have a team of experienced attorneys and they will offer the best advice on patenting ideas and why it is very important. Give us a call today for the best consultation and legal advice pertaining patents.