You are an inventor or a visionary. Your idea has come to fruition. Congratulations! But have you protected your hard work from unauthorized use? If you haven’t, you need to ASAP. This is where patenting comes in handy.
A patent is an exclusive right that bars other people from recreating, using or redistributing your invention without your permission. Issued by the U.S. Patent and Trademark Office, a patent has a validity period of 20 years from the date of application. But why do you need to patent your work?
Here are two reasons why you need to patent your invention.
Grow your income
A patent can generate thousands of dollars when used correctly. Here are two ways you can use your patent to generate income:
- Direct marketing – coming into the market ahead of everyone else holds a significant amount of weight. Thanks to a patent, no one else can legally reproduce and distribute your products. This allows you to set the market price.
- Licensing – you can also generate income from your patent through licensing. Basically, a registered patent gives you an exclusive right to produce and sell your invention for a fee or royalty. This is an excellent option if you do not have the resources to produce and sell your work yourself.
A patent grows your businesses valuation
Intellectual Property (IP) is generally made up of trademarks, trade secrets, copyrights and trademarks. Of these, patents are the most important, especially if you dealing with consumer goods or technological innovation. A strong patent can give you an upper hand during business transactions, mergers and acquisitions as well as when finding investors.
Not many things are demoralizing as having your idea copied or stolen. Fortunately, you can protect your hard work.