BENEFITS OF GETTING YOUR INVENTION AND IDEAS PATENTED

The Internet has provided everyone a platform to share their ideas and inventions. However, it also goes without saying that any person around the world can access it and may take it as their own. That is why, in an age where ideas have the potential to make millions, a patent has become more valuable.

What is a patent?

A patent is an intellectual property right obtained with the help of a patent law firm. It is the protection given by the government to inventors concerning their ideas and inventions. The protection seeks to provide the inventor with the exclusive right to use, sell, or import the ideas that are covered by the patent.

The patent covers new inventions or a method to improve an existing device. It is usually territorial; meaning, the right exists only within the country of the patent application. However, the Patent Cooperation Treaty helps streamline the process for use in other countries instead of tediously filing separately.

Why should I apply for a patent?

If you think your inventions and ideas are precious, the first thing that you should do is get the services of a patent law firm. They can help you with the process and legal nuances that come with the application.

Here are several reasons why you should have your inventions and ideas protected:

Twenty years of exclusive usage

It is in every inventor’s best interest to have their design for their sole usage. As such, when you have a patent, you have the right to use it on your own for a whopping twenty years. You can file a patent infringement case for other people who use your invention without getting a license or permission from you.

Through this, you can get all the profits that may come out of your invention. Patents do not encourage competition since inventors should have the sole right to profit from their creativity.

Right to license your patent

While a patent right keeps strangers from using your inventions, it does not prohibit the patent holder to transfer, assign, or license his right. If you feel like other people could manage your designs better, you have the sole discretion to give them your right under your terms and conditions.

Through this transfer, assignment, or license, you will still have a share of the profits made without having to do the manufacturing yourself. A patent is essential for inventors who do not have sufficient resources.

Freedom of disclosure

Patents are for the public, which is why it is so much better than keeping your ideas a trade secret. It is tough to monitor for leaks with your secret constantly, but when it comes to patent, you have protection even when it is made public.

There is no need to keep a close eye on your invention or idea once you have a patent. You can freely use and assign your ideas, and still be protected by the government from infringers.

Patents are very valuable for inventors to gain the benefits that arise from their products. It helps encourage inventors to share their knowledge with the world without compromising on the loss of profits. If you have a valuable invention, you must start processing your patent application now.

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