If you did some digging online, you’ve probably learned that it’ll take a lot of money and time – approximately two years – to get approved for a patent. This is why a lot of people simply give up on ever licensing their innovation, which is, perhaps, one of the biggest mistakes anyone could make.
Because it’s time-consuming and expensive, you may be wondering – do I really need a patent for something that I have invented? To put it simply, you must do this and the reasons why you need to do it as soon as you can be featured in the article below. So, without further ado, let’s take a closer look at the list.
1. No One Can Copy it
If you’re planning on putting your product and/or service on the exchange, you should know that it’s a daunting and difficult process. You’ll need to share the ideas you have with different people including investors and potential associates, which means that they’ll know the inside and out of your original concept.
This can lead to someone stealing your invention, which means that you’ll lose it entirely. However, if you have a provisional patent, you’ll be able to avoid this problem, hence, no one can steal the concept that you have. Basically, you’ll be shielded against any form of copying.
2. It’ll Protect Your Rights to it
As we mentioned in our previous point, if you don’t protect your idea, anyone could easily duplicate it and use it to access the market. What does this mean for you? Well, it means that you’ll have more competitors, but it also means that you could lose your claims if the individuals choose to file a license for the item you planned on creating.
Keep in mind, if you find yourself in this situation, there will be nothing that you could do, which means that all of your time, work, and money will be completely lost. To avoid this situation, you must ensure that you submit all the documents for a patent as soon as you can.
3. Improved Positioning on The Market
If you have a resume of your patent or several of them, you’ll be capable of improving your positioning on the exchange by simply preventing other organizations and people from being your rivals in the targeted niche you have. By doing so, you won’t only situate yourself better on the market, but you’ll also ensure that your competition is low.
Besides guaranteeing that no one else has an item or service like you, you’ll be apt to get a great ROI – a return of investment – hence, if you’re planning on opening a company in the future, you’ll need capital to do so, but more importantly, you could quickly grow your business.
4. You Could Generate a Revenue
Every beginning is difficult, which is why you may not be capable of commercializing the product and/or service right away. However, there are other organizations and people that have the resources you don’t, which means that they could turn the idea you have into a marketable asset.
According to the experts from Inventhelp, if you choose to do this, you’ll be capable of receiving licensing payments for someone else using your idea, which means that you could generate revenue that you could then use for either opening your business or improving the initial concept that you had.
5. It’ll Help With Your Resume
Having a licensing portfolio is extremely valuable, especially since it’ll show your technical experience, but more importantly, it’ll show that you’re committed to inventing a wide range of things. Why is this important? Well, it’ll help with your resume, which means that potential investors and partners could see that you’re serious about what you’re doing.
Besides them learning that you’re serious about your invention, this could also lead to them desiring to operate with you – which is extremely valuable if you’re just starting out in the industry, meaning that you’ll be able to access the market quicker and sooner than you anticipated.
6. You Could Still Publish it
Although most people think that applying for a license will stop them from publishing, this isn’t entirely true. In fact, these two things could be done at the same time and these early considerations could assist you with the drafting process that needs to be done at the right time.
This will help you ensure that you could make journal publication and that you register for a patent when and where it’s possible. Keep in mind, it’s quite important that you consider the application and filing process before you decide to actually make any journal publications.
7. You’ll Learn About Different IP Types
There is a wide range of intellectual property – IP – protection types out there, all of which could be utilized for protecting your ideas. Now, you should know that some of these rights are applied automatically, however, others have to be applied for with the right organization.
By learning more about the different protection that you could get for the innovation you came up with, as well as knowing when they’re appropriate, you’ll have a better understanding of how you could guard your ideas, and more importantly, you’ll know exactly how to deliver it.
8. Helps With Start-Ups
Patents are actually sellable assets, which means that they could assist you with building and showing the power of your organization. Why is this important? Well, it could aid with securing the loans that you need, and it’ll also help you raise your asking rate if another organization desires to purchase it, basically meaning that it’ll add value to what you’re doing.
If you’ve created something, one of the most significant things that you must do is to register for a patent. By doing so, you’ll be capable of shielding your ideas from copying, but more importantly, you might be able to generate a small revenue that’ll help you build your organization.
So, now that you’ve learned why you need to patent whatever invention you came up with, you shouldn’t lose any more of your time. Instead, you should open up another search tab and start researching what documents you’ll need for patenting the invention you came up with.