Five Reasons Why You Should Get a Patent

Why Get a Patent

1. Exclusive Rights Come with Getting a Patent.

Getting patents provides the patent owner, the patentee, exclusive rights to exclude others. If you get a patent, you have the sole right to make, use, sell, and import the patented product. So you, as a patentee, can stop others from making, using, selling, and importing your invention.

A Limited-Time Monopoly is Granted Through Patents.
Patents grant you a right for 20 years from the first patent filing date to make, use, sell, and import your invention exclusively. This monopolistic right encourages inventors to spend their time and efforts to create and bring new ideas to the market.

2. Infringement Rights Accompany Your Patent.

Infringement rights assist you in desisting others from selling your invention. Therefore, if another violates your patent rights, you have a right to recover lost profits or be rewarded reasonable royalty damages by the courts.

3. Reduced Need for Advertising and Competition with a Patent.

Getting a patent will assist you with little or no advertising and competing with others. Since the patentee can stop competitors from selling the product, marketing to compete with others is not required. Increase your product awareness through marketing. This protection from competitors can increase profits without the need for additional marketing.

4. Monetization Options for Your Patent.

Beyond protection, an obtained patent can be monetized in various ways. You can use the patent to make a profit by selling it, licensing it, or using it as an asset when negotiating for investments. Your patent can be sold or licensed to help boost your company’s profits. You can use it as a security when negotiating with investors. Patents are tangible assets similar to real estate property and other physical assets. Thus, patents can provide small business and startup companies a much-needed advantage during merger talks, acquisitions, company sales, etc.

You can get one or more patent types: utility, design, and plant. Utility Patent is the most common type in America, covering inventions that provide a proper function, such as medical devices, diagnostics, composition, biotechnology, etc. A utility patent can be provisional or non-provisional. In contrast, Design Patents cover new ornamental designs on a manufactured article. Finally, a Plant Patent applies when a unique and new plant is created and can be asexually reproduced.