A patent is an irreconcilable right that is granted by a country to an innovator or inventor allowing him to exclude others in making, selling or using his invention in the state during the lifetime of that patent. An inventor is commonly encouraged to patent his invention. However, the process may take time and resources in executing it thus making him see the cost as being not worth his effort hence surrendering the process without realizing the benefits the patent will provide for his invention. Here are some of the reasons why it is important to patent an invention.
Why Patent Your Invention
Protection against theft of intellectual property
One of the main reasons why an inventor should patent his invention is that it may be difficult for him to convert an idea to market without interacting with parties outside his company. He will have to share his concepts with investors and manufacturers to commercialize it and this he can do by filing a provisional patent on his design thus gaining legal protection against unauthorized use of his concept.
To protect his company’s ability to do business
If an inventor fails to patent his invention, someone else will in the end thus causing him to not only have competition in the market but also lose the rights to compete at all. When this happens, then all the investments that he had put in the business could be for nothing and may he become entangled in costly legal battles.
To increase his marketing position
When the inventor develops a portfolio of his company’s intellectual property, he would be able to improve his marketing position by limiting other businesses to compete in his particular niche resulting to an increased in his marketing position and reduced compensation. This would the lead in an increase in return on investment for his company.
To guarantee his ability to charge the license fees
An inventor may never get to the point where he has fully commercialized his concept but there may be others who have the resources to make his ideas come to life, and it is where licensing can be of great benefit to him. By patenting his design, he can license the same patent to a partner company which then will invest in its commercialization. His business will then earn permitting fees for the use of the technology. Without a patent, it would be legally hard for him to transfer technology to a development partner company.
Patenting a product design may take time and resources for its completion, but the benefits it can provide to a company can far outweigh the necessary investment. One may also need a Highly Qualified Patent Expert Witness at a certain time in there business if at any time there is an infringement of the invention. It is thus advisable to patent ones invention to have documentation.…