So you’ve just come up with a new invention that will make you a lot of money while improving other people’s lives for the better. The first thing you need to do now is patent your invention. Receiving a patent can be a long, complicated process, and many inventors choose to skip it for this reason. This can a major mistake that could cost you a lot of money in the long run. Here are a few reasons why it’s a good idea to get a patent for your invention.
It Protects You Against IP Theft
Intellectual Property Theft is unfortunately something that happens to inventors far too often. That’s why it’s so important to protect yourself. You’ll inevitably be sharing your ideas with many other people, such as investors, while trying to get your project off the ground. Having a patent will prevent these people from using your ideas. It will also prevent you from having to engage in costly legal battles.
It Gives You a Stronger Market Position
By getting a patent for your invention, you limit the ability for other companies to use your ideas. In the long run, this will reduce your competition. It will also help you establish yourself as the pre-eminent player within your niche. All of this eventually translates to more money in your pocket and a much higher ROI.
It Gives You the Ability to License Your Invention
Licensing can be a major source of income for inventors. Even if your business isn’t able to manufacture and market your invention, you might find other businesses who can. By licensing your IP, you can let other businesses do the heavy lifting while you still profit from your invention. Many people prefer to do business this way. However, this is not possible unless you have a patent.
It Helps You Negotiate
Having a patent can give you quite a bit of leverage when you’re negotiating with other businesses. This is especially true when it comes cross-licensing deals. This is where two companies exchange the patent rights to each others inventions. In this case, a patent will put you in a much higher bargaining position. Otherwise, a deal such as this is not a possibility.
It Makes Your Business Look More Professional
Simply put, patents look good in your portfolio. This communicates that you’re an expert in your field and are serious about doing business. As a result, investors and potential partners will be more likely to work with you. On the other hand, others could find it risky to do business with you if you don’t have a patent yet. You could find it much more difficult to get your project off the ground as a result.
These are a few of the reasons why having a patent is so important. Although it might seem like a lot of work at first, it will make it much easier to do business in the long run. So don’t procrastinate. Start working on your patent today.