Have you come up with something new and revolutionary in your field? Congratulations, this is a big step! Next is to patent your invention and prevent some unforeseen and unwanted situations. Patents require a lot of effort, dedication, time, and money, so it is pointless not to protect in some way the product in which you have invested so much. Still, many people avoid patenting, which is really not a good choice, for several different reasons. In today’s article, we discuss these reasons and explain why it is important to patent your invention and put protection on it in this way.
1. Prevent copying of your invention
The first and main reason why you should patent your invention is to prevent it from being stolen and copied by another individual or company. So many inventions have been stolen to date, and the fact is that you can’t do much about it when it already happens. You can always publicly disclose that someone stole your idea, but that doesn’t really change anything: your product is now in someone else’s hands.
During the process of translating your ideas into reality, you come into contact with a multitude of people. If it is a truly revolutionary invention you will need a whole team of people to help you make this happen. And that means you’ll have to share the idea with a lot of them. The fact is that the news spreads quickly, so if you don’t have a team you trust, there is always a chance that one of them will take your idea for the product and present it as their own. On the other hand, the culprit does not have to be someone from the team, but the person with whom they shared your idea without bad intentions. Or it can be a competition that is a little bit faster and places the product before you. Sometimes you just can’t influence who will find out about your invention and how they will use that knowledge, so the best choice is to patent it. In this way, you will 100% prevent the copying of your invention and be completely sure that it will remain in your possession.
2. The struggle for survival in the market
Another reason why you should patent your invention, which builds on the previous one, is the struggle for survival in the market. What does this mean? If a competing company steals your idea (or already has a similar one) and enters the market with your invention, it could mean the end for your company. You will have a serious competitor with an identical product and it will become much harder to achieve your goals when it comes to sales and profits. And it is possible that they go a step further and patent the invention, which will mean that all your effort, sweat, time, and money have been wasted. Because of all this, we definitely advise you to put protection on your product as soon as possible and ensure your survival on the market despite the actions of your competitors.
In case you want to patent your invention and you do not know where to start, we suggest that you contact experts who will help you see the obligations and protocols that you need to go through in the patenting process. Feel free to call InventHelp and get free information that will be a good starting point for you. The whole patenting process doesn’t have to be complicated when you have the right help by your side.
3. It can secure a large market share
Amazon is one of the phenomenal examples of how patenting the right thing (in their case, the possibility to make a purchase through just one click) can beat the competition and secure a large market share. You can achieve the same by patenting your invention and ensuring that no one else can use the same thing to improve their business for a good period of time. This can give you just enough market benefits to set you apart from others and ensure that your brand is synonymous with quality and innovation in your industry.
4. A significant contribution to your CV
If you are at the beginning of your career and you are still making your way to the top, it is important that you have as rich a portfolio as possible. Nowadays, the competition is fierce and it is often very difficult to stand out from the crowd, so patenting an invention can be a phenomenal way to achieve this. This way you can attract investors and new associates who like what you do and see the potential in you. And who knows where that will take you!
5. New revenues
The fact is that the process of obtaining a patent requires a lot of time, effort, and money. And it can be very difficult while the procedure itself is still going on. However, once you achieve this you come to the stage where you can begin to reap the fruits of your labor. Patents are a phenomenal source of income because they provide a wide range of opportunities. One option is to license patents for non-competitive companies. This can bring you huge income without much effort and hassle. Of course, it is necessary to reach an optimal agreement with another company and ensure that you agree with all the conditions. However, once you reach the goal you will be able to enjoy the huge income as a result of owning a patent.
New patented inventions are a phenomenal way to thrive and grow your business to some new dimensions. Many people do not understand their importance, so they avoid patenting their idea or product, which can eventually lead to very unfavorable circumstances and loss of benefits that the patent can bring to your business. Patenting an invention is good because it prevents theft and copying of your idea, ensures a large market share, and prevents you from being put in a situation where you have to fight for survival in the market. It also makes your portfolio much richer and provides new sources of revenue. If you are interested in patenting your invention, we advise you to consult with experts and get into action as soon as possible!