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Why patent your idea?

On Behalf of | May 10, 2024 | Patent Law

An inventor who receives a patent is entitled to the sole use of an invention or technique subject to limitations on this authority as defined by the government. With a patent, an inventor can bar others from producing, using or commercializing their innovation inside the patent-issuing country for a specific period of time, and subject to certain conditions.

Inventions, goods, procedures or designs that satisfy specific standards of uniqueness and utility are normally protected by patents. In the United States, patents are currently valid for 20 years after the date of filing, as long as patent holders defend their patents during this period, when necessary. The United States Patent & Trademark Office (USPTO) is where patent applications are submitted in the United States.

Advantages of obtaining a patent

Patents can be very beneficial to the inventor. The following are a few of the reasons why:

  • A patent will shield your invention or idea. This means nobody can use your copyrighted idea for production, sale or importation without your permission.
  • Obtaining a patent for your idea or design aids businesses in lowering competition and permits you to demand that your competitor cease producing and marketing their competing goods.
  • When you are the first to file a patent for your creation, you prevent others from stealing your idea. In other words, you will be the only patent owner if you are the first to file for one.
  • With a royalty or other payment agreed upon, you can license the use of your patents to third parties. If you are without the financial means to sell your ideas or patented inventions, charging a royalty fee for the usage of the patent can be quite profitable.

The bottom line is simple. Without a patent, you cannot generally claim ownership or control over your idea with any ease or guarantee. This means that you won’t have exclusive rights to your intellectual property, and you will not be able to sell it or grant a license to anyone with confidence. Should a competitor learn about your invention, they might copy it, essentially stealing your idea. Therefore, you should seek assistance with patenting your idea or product as soon as it’s capable of being replicated.