The most common reason people apply for a patent is to protect their idea from others exploiting it. That of course, is an incredibly powerful reason to do so and we have it at the top of our list below. But there’s actually a number of other reasons to get a patent that may be just as important. Here’s our top five:
1. Exclusive Rights.
Patents provide you with an exclusive right to prevent or stop others from commercially exploiting an invention. This right can be binding for twenty years from the date of filing of the patent application.
2. Return On Investments.
Having invested a considerable amount of money and time in developing innovative products, through exclusive patent rights, you may be able to establish yourself in the market as the pre-eminent player and to obtain higher returns on investments.
3. Opportunity To License Or Sell The Invention.
If you choose not to exploit the patent yourself, you may sell it or license the commercialization of the patented invention to another enterprise, which could then be a source of income for your company.
4. Increase In Negotiating Power.
If your company is in the process of acquiring the rights to use the patents of another enterprise through a licensing contract, your patent portfolio will enhance your bargaining power. That is to say, your patents may prove to be of considerable interest to the enterprise with which you are negotiating, and you could enter into a cross-licensing arrangement where, simply put, your enterprise and the other agree to license respective patents to each other.
5. Positive image for your enterprise.
Business partners, investors and shareholders may perceive patent portfolios as a demonstration of the high level of expertise, specialization, and technological capacity within your company. This may prove useful for raising funds, finding business partners and raising your company’s market value.
Experienced Patent Attorneys
Patent Law is Complicated. The attorneys at the Law Offices of Konrad Sherinian have extensive experience in patent matters. We’ve helped clients obtain numerous patents, including more difficult categories such as software, electronics, and the mechanical arts. We have obtained numerous patents in the United States and throughout the world. In addition, we have litigated patent cases on behalf of both plaintiffs and defendants in District Courts throughout the United States.
Contact Us Today
Whether you are at the initial starting stage, or trying to protect and enforce what you’ve already have, we can help patent and protect your idea or invention. Reach out to us today. We will quickly set up a time when you can speak to an experienced patent attorney.
Thinking about a patent? Have questions? Request a personal consultation by calling us or use our online request form. Virtual consultations available.