Basically, a patent gives you the authority to sue other corporations for copyright infringement if they are manufacturing and selling your patented product without your consent. So, with the help of patents, you can protect your innovative and unique ideas without worrying about sleazy corporate organizations trying to loot you. Some information about the product to be patented has to be revealed to the public before any exclusive rights are granted for that product. So, to clarify the aspects of patenting, we bring you some points on why you should patent your inventions at an early stage:
1) Increase funds:
Patent product make your organization seem legitimate to your potential investors. Patenting helps in attracting investors by building trust in them and makes you seem like an organization that they can put their faith in. Nowadays, people are looking for something unique in the market. With patenting your product you can deliver that which would make you stand out from the competition and hence increase your value in the market.
2) Licensing your patents increases your revenue:
You can either sell your invention for your own profit or simply license it for others. You have the option to license your patents, so that you can charge other organizations to sell your product. Licensing is simply giving someone consent to do a particular job or have access to a particular product lasting generally for a specific period of time agreed upon by both the parties. In this case, you are basically giving them the consent to sell and manufacture your product but in return you are demanding either a percentage of the gross sales or a one-time payment. It can bring a great deal of profit for your business. You are profiting from it without doing any additional work. License agreements can be of two types, i.e., exclusive and non-exclusive. In exclusive agreement, only one person or organization has the right to use your product for their gain whereas, in a non-exclusive agreement, you are giving the permission to more than one person or organization.
3) Gives you a competitive edge:
Patenting your product gives an advantage over your competitors. You can file patent infringement suit on your competitive organization if they use, selling, manufacturing, or importing your product for their gain without your permission. And we all know how devastating a patent infringement suit can be for a company financially.