Why Patenting Your Invention Is A Smart Move To Make
Statistics reveal that about 399,055 patents were recorded in the United States alone only last year, an increase of over 40,000 compared to statistics recorded in 2019. This is because patenting a product, whether it’s science-based or of any other nature, secures its intellectual property when it passes required specifications. You can only receive exclusive rights from the US Patent and Trademark Office when you satisfy laid down requirements. Apart from this, there are several other reasons why you must register your product and subsequently receive the patent. What are the benefits of doing this? Check out these points below.
To protect your ability to do business and make money with the invention.
The possibility of someone else stealing your idea and entering the market with it is significantly higher when you have no patent. This legal document safeguards your creation and officially recognizes you as the brain behind it. Without this safety net, you will lose years of hard work and resources to create your original product when a competitor gets ahead of you. Additionally, you stand an increased chance of losing out financially if your product became successful without a patent.
Notable inventors who lost the chance to benefit from their inventions’ monetary value include:
Daisuke Inoue, who invented the karaoke machine, lost billions of dollars because he never patented it, although he received recognition for the product.
Richard and Maurice McDonald invented a ground-breaking way of making burgers but didn’t patent their technique. They subsequently sold the franchise and business to Ray Kroc for $2.7 million, who developed the idea and opened the McDonald’s chain worldwide, earning him a fortune.
Sir Tim Berners-Lee was the original inventor of the World Wide Web (www) but never patented it. Despite the worldwide recognition he has received for this, he hasn’t made any monetary gains from his creation. He’s known to have expressed regret for not registering and owning exclusive rights to his brainchild.
Patenting your invention may not always guarantee its success, but it pays to take that risk as entrepreneur Vince Offer did with his ShamWow product.
To boost your market position
A patent enables you to position yourself strategically on the business market, preventing potential competitors from invading your niche. No other person will have the right to create variations of your invention and claim it as an original. Therefore, you are free to explore your niche even further without having to worry about competitors vying for recognition in the same space.
To prove your business’ creativity
This document is legal recognition of your creativity. If any conflict arises concerning product ownership, the patent acts as evidence of your innovation. Moreover, in terms of licensing agreements regarding the invention, it grants you the right to act as sole licensee. It also gives you bragging rights while making you and your establishment more attractive to potential investors.
The downside about applying for a patent is not knowing whether your invention will be approved or not. Additionally, the duration involved deters many businesspeople, as it takes about four years to receive a patent. The latest technology could negatively impact how well your target market will receive your product by then. Nevertheless, it is a chance you need to take, as many personalities have regretted not taking the opportunity to patent their inventions which later became a global success.