If you have a unique idea, product or invention for your business, then you could benefit from a patent. Patents promote innovation, allowing investors to come up with original designs or products that are not already available. A patent allows you to gain exclusive rights to your invention. As such, you can decide how your product is used, manufactured or sold.
If you are not convinced that you need a patent for your idea, product or invention, then here are two benefits you should know:
1. Protecting your ideas from infringement
The main benefit of having a patent and controlling how your idea is used is that you can respond to infringement. As a patent holder, you can prevent others from using, manufacturing or selling your idea without your consent.
This can protect your business from monetary losses because a competitor stole your idea. For many years, you can respond to patent infringement with a “cease and desist notice,” which essentially notifies the infringing party to stop all uses of the product or invention. If there is continued unauthorized use of a patent, you could take legal action.
2. Showcasing inventions to investors
As a business owner, much of what you do is done with the help of investors. A patent can show potential investors that your business has a profitable idea or invention. As a result, investors could put money toward the development, research and distribution of an idea. In other words, a patent could boost your business’s revenue.
You may need to reach out for legal help to file and enforce your patent.