It has always been a task to invent something that is novel and takes so much of your efforts to come to a success. The invention is considered a success if it passes all the conditions to launch as a productive outcome. It should be creative in its own way and should carry the meaning in itself. All the time and efforts that you have put in it will only be worth it if it stays yours, so take that ownership into your hands by getting a patent for your invention.
Patenting your invention will give you a lot of advantages that will be worth all your efforts and time consumed in the process. The process of getting a patent is a long one which will not be easy due to the expertise required in the process. There are a lot of things required to prepare the application like relevant searches, patent drawings, claims, etc.
Also read: Benefits of Patentability Search
Advantages of Patenting Your Invention
Ownership rights
A patent gives you exclusive ownership rights which can help you to build your brand. You can restrict the usage of your invention according to yourself. The patent provides you ownership rights for 20 years in most cases and in that period, you can stop anyone from using, infringing, or copying your product.
Improves business name
The business name might improve if you patent your invention, as an invention is done through research, innovation, and technology. It gives you a wider scope to do business by giving you knowledge through the research conducted for the invention. By patenting, you can explore more such relatable niches and keep on inventing similar products as you have all the rights to do so. So, it will improve your brand or business name by scaling it through different inventions.
Return on Investment
A lot of time and money is spent on research and development of the invention and then acquiring the patent. It will be great if you could get the return of all the efforts done. The return on the investment can be given through goodwill attained through invention and patent, leasing of the patent, etc. So, it helps you to cover costs borne during the whole process and also give returns.
Licensing or selling your patented invention
Along with the patent, you get the right to license your invention to a third party to use your invention in a particular way and give you money in return. You also have the right to sell the invention if you feel like getting a considerable amount for it. The patent gives you the right to charge for your invention the way you like.
Improves your negotiating power
A patent gives you the power to bargain with the other company in case you are licensing their patent. You also have the patent to counter or cross-license your patent with their patent and get an advantage on cost-cutting, innovation, and technology.
Also read: Comparing Laws of Industrial Designs in Different Jurisdictions
Conclusion – Patent or not to patent invention
It is not compulsory to patent your invention, but it offers a lot of advantages that will make you do the whole patent process and get the patent. The costs spent on invention and getting the patent will be covered once you optimally use the patent. So, it is your choice to get the patent or not but keeping the advantages in mind, it is advisable to get the patent.
Also read: Patent Services: Need in Patent Application
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