What is a patent?
A patent is intellectual property that protects your invention or product from illegal use or reproduction by other companies.
There are three types of patents available by the United States Patent and Trademark Office (USPTO).
Although design and plant patents can be filed, the most common type of patent is utility, which protects all unique inventions.
Patents provide protection for innovations. They boost innovators by granting recognition of creativity and the possibility of material reward for their inventions.
Wondering what a patent protects and what it can do for you?
Well, patents, among other things:
Grant you 20 years of exclusivity to your idea
Allow you to transfer, license, or sell your idea through your patent
Stop the theft of your ideas from bigger rivals
Facilitate venture capital investment and overall valuation
Increase your business’ valuation
Help businesses rapidly expand their market share
Provide increased credibility
Give a defense in case of accusations of patent infringement
It’s safe to say that patents are one of the most valuable investments for your business. They give you the legal right to prevent others from stealing the intangible assets that create the core of your business.
Your ability to protect and assert those rights can determine your business success or failure.
What does protection really mean?
Protecting an invention or product with a patent means that other businesses or people may not make, sell, or use your product without your permission. If they do so, you will be able to file a lawsuit against them for patent infringement.
Why do you need a patent?
There are three main reasons why you need a patent:
Protection - You’ll be able to protect your invention from your competitors and stop copycats.
Market Dominance - You can use a patent to restrict competitors from your market. It’s an offensive and a defensive tool as well!
Growth - A business that owns a patent(s) attains much higher valuation, will be more likely to receive funding, and has higher credibility and stability.
Overall, a patent will give your business the boost it needs to truly succeed! Patents also help your business increase your market share because you can block out, restrict, and control your competitors.
Business benefits of patents
Businesses and startups with patents reap many different benefits that will improve their market value, brand image, and overall provide sustainable growth and profits for their future. Not only that, but they receive significantly higher valuations and are more likely to receive funding from investors and show higher credibility and stability.
Wondering if your idea is patentable? Have a question about this article? We can answer all of your questions — just hit "contact us" down below!
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