A patent holder is legally entitled to keep others from manufacturing, using, advertising, or selling his or her invention for the period of the patent, which is typically twenty years from the filing date. If you have invented something, you may be wondering what benefits can come from patenting your idea. Though the application process can be lengthy, many people and companies find being granted a patent to be well worth it. Here are some reasons why an inventor should apply for a patent:
A patent can help attract investors. As an inventor, getting a patent awarded will attract investors to your business and give you a competitive edge in the market. For an investor, the patent indicates that they will be more likely to see a return on their investment before the competition is able to enter the market. In effect, they know that no competition is going to be able to produce the patented invention for a specific period of time.
Even if your application is not successful, a “patent pending” label can scare away competitors. Once your patent application has been filed, but prior to it being issued, you’re entitled to use the expression “patent pending.” This notice seeks to alert those who are thinking about duplicating your device that they may be legally responsible for damages, seizure and injunction once a patent is issued. Even if your patent is never granted, this ‘patent pending’ status can be valuable in its own right. Some inventors file for a patent even when they know that the goods in question are not patentable in order to get this ‘patent pending’ status as you can read on https://azbigmedia.com/inventhelp-can-help-turn-your-invention-into-reality/ article.
You can license a patent for profit. Do you have a great idea, but don’t have the means to bring your product to market? Many inventors assign or license patents to third parties. This allows the third party to use your invention without you having to give up ownership rights. To profit from royalties, license your patent to companies that already have established marketing and distribution channels. Licensing your invention early in its patent life can maximize royalty income.
You can support a lawsuit if you hold a patent. Getting a patent is critical if you wish to protect your invention from those who may try to copy it. You may have justification for a court case, injunction or other legal remedy if someone else uses or copies the property covered by your patent. The language in the patent itself will be very important to providing your case, so it would be wise to hire a professional patenting agency, such as InventHelp, if such a situation should arise.
There are many important benefits to patenting your idea. Are you concerned about the patent application process? Getting a patent granted can be a lengthy process, but it is well worth it. The United States Patent and Trademark Office can assist you with applications, deciphering the language used, and finding a legal representative or other expert to help you in filing a patent. Your local Patent and Trademark Depository Library can also provide help with filing a patent.