Running a business in the 21st century is competitive enough. You need to come up with innovative ideas to attract more customers continuously. Under such circumstances, it is essential to patent your product. Patenting not only helps you to entertain legal rights, but this, in turn, also stops your competitor from using the same product. Being an entrepreneur or a business owner, the majority of your success lies within the product or service that you deliver.
Protecting your invention is, in fact, an integral part of modern businesses. The idea behind this article is to make you aware of the benefits that you can reap from patenting your product.
When Your Invention is Qualified for Patent?
Just because you have created a product doesn’t justify that you patent it. That is why it is known as an invention in the first place. To make your product patentable, it needs to be an invention. That means it should be something that has never been seen by the public eyes. It generally requires an inventive step that can add value to your company.
Advantages of Patenting Your Product
As discussed earlier, why one requests a patent in the first place? That being said, down below is a list of some of the advantages of patenting your product:
- Exclusive Rights: Patenting your product can give you proprietary rights with the same. Once you have filed the patent application, you can exploit it for twenty years. That is the time frame till which you can market the product under your name.
- Better Market Stronghold: After you have gained a patent of your product, you can prevent your competitors from commercially using them. If your invention is compelling enough, you can become the only seller of the product. Thus, reducing your competition.
- High Ticket Investors: The quality of your product and the future associated with it, is what attracts investors. Getting your product under the roof of the patent will ensure high investments for your company. After all, everyone wants to associate themselves with the company that promises growth.
- The opportunity of Selling Your Invention: This is mainly applicable for enthusiasts who have come up with a unique product. If you don’t want to associate yourself with all the marketing, you can sell the patent to the highest bidder. The amount one might receive is beyond comprehension.
- Positive Image for Your Company: If you are continually innovating your products, you can come in the good books of the public. A quality product is what creates a positive image for your company.
Patenting your product can give you an upper hand over your competitor. For example, even if someone comes up with a better version of your product, that necessarily doesn’t mean it is patentable too. Under these circumstances, you can pitch a cross-license agreement to get benefitted from their products also. So before concluding, make sure to keep your competitors at bay and patient your unique ideas.