The authority provided by the state towards the rights to own an invention and exclude other people from using or selling it is called a patent. Taking a patent for your invention is the right thing to do because it protects your ideas and yourself. However, many people avoid it because of the many legal processes that are involved when taking a patent. The other reason why we still have unprotected inventions is that they don’t understand why they should bother themselves getting a patent. Continue reading this page to the end in case you would like to know why it’s good for you to have a patent. You can also check this useful tool for more info about getting a patent.
You the right to prevent other people from entering the market. After you have come up with an idea someone else can copy it and become a competitor to your work but if you have a patent you can stop them by reporting to them to the court. This means you will be able to reap from your ideas without the worries of people copying your ideas to compete with you. A design patent will keep you covered for 15 years and a utility patent will cover you for 20 years.
In case you want to enjoy higher prices and profits then you should have a patent. In case you are in a market with stiff competition high prices will make the customers shift to your competitors. If you can take legal action to competitors that are using your ideas then it means the customers don’t have a close substitute of your services or products and therefore even with high prices they will remain loyal hence you will make huge profits.
Leveling the playing field is the other advantage that you can get when you have a patent. As the big companies enjoy their ability to market themselves widely you can enjoy the same level since you are the sole proprietor of your innovation.
The fourth reason for having a patent is that you can transfer, license or sell your patent. In case you are not interested to be responsible of your inventions for 15 years or 20 years you can sell, transfer your patent to another person. Whether you decide to sell, transfer or license you will be making money from it.
With a patent, you cannot keep your innovation as a secret. When you get a patent for your ideas is like unlocking it to the public. We will keep on giving you more details about getting a patent in our articles.