Why you should file a patent application lies in understanding the patent law and its impact on your business. At the affordable patent agency, we know the legal and business aspects of making the best decision for your business. The answer to why getting a cheap patent is more than making profits from your patent, which is a significant motive for filing patents for start-ups and small businesses. Filing a patent immediately gets you a “patent pending” status. Below we provide reasons to consider filing a patent.
Why file a patent application
- All patent-related costs are tax-deductible. While you protect your intellectual property, you also save money on taxes. The advantage of this cost-saving can be significant. Still, it may vary for each inventor or company in the amounts of profit and other benefits due to this tax break. Contact your tax attorney or accountant to assist you further. If you do not have a tax attorney or tax accountant, we can connect you to one.
- The first-to-file law grants patent rights to the first applicant who submits the patent on the same or similar invention. According to the American Inventor’s Act of 2011, applications filed on or after March 16, 2013, must follow this law. But applications submitted before this date must follow the first-to-invent law. Thus, if someone else filed a patent for your invention before you, you will not be able to make, use, sell, and import your invention. So, this law creates a race for the USPTO, and filing a patent as soon as you are ready to do best practice.
- Your being an inventor does not provide you exclusive rights to our invention. Because the law will only protect a patented invention, you must file a patent for your invention. If you do not have a patent, someone can legally copy your invention and sell it for a profit. Thus, it is advisable to file a patent application as soon as you can convert your idea into an invention. Hiring a patent practitioner is prudent so that the application is appropriate, adequate, and correct.
- Intellectual property is an asset. Patents are like other tangible properties. Therefore, patent value can increase over time, especially if the business implementation is well done.
- Patents allow risky technology development. Patent rights enable individuals and companies to invest heavily in developing patentable technologies. Because of a limited-time monopoly, companies get time to recoup their investments and make a profit. Thus, patents incentivize them to take substantially significant risks. These profits can be huge, depending on the success of the invention. Filing patents for these products provide substantial protection for their investments.
- Build a brand name. Others perceive large patent portfolio owners as innovators and producers of new technology. This perception helps build a positive image and raise funds. Customers recognize patented inventions as unique and only available through the company. Filing patents can help companies and innovators build consumer trust and a positive image for creating a reliable brand name.
- No prototype is needed before you file for a patent. However, you can often file for a patent when you have sufficient product development information to appear as though you have the actual product in hand.
Please check our affordable patent services to file an affordable patent application.
Conclusion
Ensure nothing similar to patented or not patented products exist, which could block the availability of protection by making modifications. For a guide to prior art searches, please read our article.
Contact us if you want to file provisional or non-provisional affordable patent applications. We can assist you in preparing an intellectual property patent strategic portfolio at a reasonable budget. Please contact us for an initial free consultation.
