When you defend your invention by filing a patent for it have you ever thought of bringing more profits to your company by using the patent? In general, a patent is the right to exclude others from the use of the invention. In fact, there are several other advantages that can be gained from the patenting of the invention or even the filing of a patent application.
What’s the patent? What are the advantages of patent registration? Several such questions come to the mind of the inventor as he comes up with new ideas and wants to associate them with patenting. A patent is one of the many exclusive types of Intellectual Property Rights (IPR) given to an inventor by the government of his nation for a particular invention. Intended to prohibit anyone from copying, selling, altering or importing the inventions of inventors without their permission, patent protection continues for years to come. Patent law is territorially bound and thus different for different countries for example – the patent issued in India lasts 20 years from the date of filing. Notice that after this time, anyone may use the invention. If a patent has been issued to the applicant, it will reap several advantages.
What are the Advantages of getting a patent?
Patent law develops the confidence of the inventor in order to produce further inventions by making him the sole owner of his invention. Comparatively different from other forms of Intellectual Property (IP), patent rights can be purchased, registered or sold. As these rights are country-specific, the patent law of one nation provides for rights applicable only within that country. For example, the patent granted in India gives rights that prohibit unauthorized users from infringing, i.e. importing or using ideas from others within the Indian Territory. In addition to inventors, the patent scheme helps the country by increasing its economy, as it allows the public to purchase the required goods and services at reasonable prices.
There are a lot of benefits that the owner can enjoy after obtaining a patent, some of which are as follows:
- UNIQUE ACCESS TO ALL RIGHTS FROM THE TIME OF EARLY FILING
Patent registration starts by providing the inventors with the benefits right from the first stage i.e. from the moment the patent is filed. The applicant shall be guaranteed that no other person or corporation may claim ideas identical to his invention as soon as he has filed a provisional patent application. If anyone else applies for the same patent, his application will be denied for a filing period of 12 months in India.
- RIGHT TO MAKE ANY CHANGES
The patent law grants the owner the right to use his inventions in some way for the time permissible. This ensures that the owner has complete right to use, sell or even change the original invention and to prohibit anyone from making money from the same ideas without his permission. With the patent given, the inventor shall have the power to sue the user that he finds violating his patent rights. Remember that patent infringement is a criminal offence.
- ROI (INVESTMENT RETURN)
Sometimes the owner finds that his invention does not produce good results for him and therefore wants to hand it over to any other worthy or successful person. If it has been acquired, the patent rights allow it to gain a good amount of ROI, i.e. a return on its investment by commercializing the invention.
- OPPORTUNITIES FOR A STRONG BRAND CREDIBILITY
Patent rights allow the inventor to gain noticeable market status and to boost his portfolio by publicly uncovering the invention. It helps him to develop a successful relationship with customers and rivals that eventually adds to his profits.
- PUBLIC DISCLOSURE OF INFORMATION
Patent rights allow for public disclosure which allows the inventor to build up his portfolio, along with an increase in funds, market value and business partners. Sharing publicly the knowledge relating to the invention shall show the specialization of the inventors and the strong command of the technological subject-matter. All of these facts help the owner by attracting leading and high-end buyers, customers, business partners and consumers.
Why is patenting an invention crucial?
If the invention is not patented, it becomes impossible for the owner to prevent others from copying, and to use his ideas to receive all the benefits described above. After reading the information given above, you can easily infer that in order to obtain a patent, the inventor should be familiar with the IP industry, patent laws, business situations, rivals, customers, etc. The inventor must remain both prudent and up-to-date with respect to the requirements for patents and the necessary documents. However the patent registration process may seem a little tedious, but it is worth securing protection for your invention for a certain period of time.