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Jun 4, 2019 · Patents are important because they give the patent holder the exclusive right to use, sell, and manufacture their invention. There are many pros and cons as well as advantages and disadvantages with seeking a patent that are discussed.
Patent applicants must explain how an invention works in enough detail. Want to know what a company is really doing? Patents will reveal more than any glossy brochure can. Companies pore over a patent landscape when investigating potential partners. An established patent portfolio signals your expertise to those looking for their next collaborator.
Holding a patent can boost investor and stakeholder confidence. It makes it easier for small and medium-sized businesses to attract financing from investors in order to take their business to the next level. Patents can also give you a competitive edge and ensure market exclusivity by acting as a barrier for your competitors.
Benefits of intellectual property rights for a business. A brand sets a business apart from its competitors, building trust and consumer loyalty. Learn more about trademarks. From reassuring investors to increasing margins, using your patents strategically can improve your bottom line.
- Patent Provides Exclusive Right. A patent grants its owner an exclusive right to prevent others from taking advantage of the owner’s creative idea or goodwill that the owner has developed for the products and processes by making, importing, offering for sale, selling, or using the owner’s patented invention.
- Patent Provides Competitive Advantage. Protecting patent assets and rights may give a company the competitive edge over competitors by discouraging unauthorized use and preventing them from copying the invention or doing something that competes against the patent assets of the business.
- Increase Profit or Returns. With patent, there is a potential financial return where the patent owner may profit from its commercial exploitation. As patent owners will have exclusive right to make, import, sell, and use the invention, the patent owners will be able to improve their market power and will be the one making money from the invention.
- Additional Revenue Stream from Licensing. Patent owners can license their patents to commercial entities by granting rights over the invention to allow them to use or make the patented inventions in return for royalties or payments.
Nov 13, 2017 · 3. Owning a small business. You need a point of a difference and a competitive edge. Who doesn't? Patents can help. They convey the message that your innovation is important enough to warrant a ...
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Aug 12, 2024 · Having a patent in place gives its owner the exclusive right to prevent others from making, using, selling, importing, or exporting the patented invention. To obtain a patent, an invention must be novel, useful and non-obvious. Compared to other types of intellectual property, patents are among the most valued and the most difficult to obtain.
