Though filing may be complex for first-time patent holders, there are three distinct patents you can choose between to streamline the process. Each license is designed for a specific type of protection, allowing you to select the best option for your company. Before filing, it’s wise to invest in patent searches to reduce the risk of rejection or an infringement charge. Experienced IP lawyers can conduct these searches for you as well as offer their opinion as to your likelihood of successfully obtaining a patent.
If you’re unsure about patents and their usefulness in your business ventures, read on for five reasons to file for intellectual property protection.
Different Types of Patents
Of the three types, the utility patent is the most common, protecting the use of a product, process, or system for twenty years after applying. On average, utility licenses take around twenty-five months before the approval process is complete. Or, for a more informal, inexpensive option, you can opt for a provisional patent, allowing for a one-year utility with renewal opportunities.
A Patent Puts you in Control of your Property
At some point, you’ll surely share details of your proprietary accomplishment with others. Fortunately, any patented material is safe, allowing you to sidestep property theft and false claims of ownership.
Unfortunately, if a competitor were to get a hold of an unpatented invention, they could claim it as their own and begin implementation. This competitor may even be able to file a patent on your process and prevent you from using it in the future. That’s why filing a patent on any proprietary processes, equipment, or ideas is paramount to protecting your market share.
A Patent will Protect the Company and its Future Assets
If you’re seeking a patent, chances are your product or service has prizable monetary value. Investing in a patent provides your company exclusive rights to this intellectual property and protects your business’s bottom line and future success. It’s your vision, and filing a patent ensures that you are the one to share it with the world.
A Patent puts you in a Position to Collect Licensing Fees
Filing a patent on your intellectual property allows you to market to other companies in-and-outside your industry. Once they begin implementing your materials, your business will collect licensing fees on their use of your product, allowing you to profit from your competition’s success.
A Patent Causes Investors to take you Seriously
Holding a patent on an innovative product or process is exciting for investors in any industry. It’s an excellent way to set you and the company apart from the competition and prove legitimacy. Plus, obtaining a patent is a fantastic indicator of future growth and the ability to break new ground.
A Patent Enables you to Benefit Society in Unexpected Ways
Patents allow you to market your ideas or inventions out globally and provide financial protection for you and your company for up to 20 years. However, others may come along after you and improve or re-engineer parts of your accomplishment in ways never imagined.
Though it can be intimidating to allow a re-imagining of your innovation, you may have built the foundation for a larger societal contribution.
Ultimately, protecting your pocketbook by beginning the patent filing process is an excellent business practice that can protect your interest for years to come.