In our dynamic and competitive market, the influx of new ideas manifests through tech inventions, smart processes, and digital compositions that have shaped the way humanity lives. Surprisingly, the 21st-century inventors are the young, vibrant scientists, engineers, software developers, academicians, etc.
New inventions take the spotlight in the market, drawing more businesses and inventors into the scene. Sadly, most inventors tend to overlook the beauty of patents — how it benefits your invention, your profession, and your company’s reputation through time.
Hence, if you have inventive ideas or processes that are novel, useful, non-obvious, and subject matter eligible, don’t waste your time. Here are five reasons to patent an idea:
5 Reasons to Patent an Idea
#1 Protection against copycats
The essence of patents is to protect your intellectual property. Patent laws provide you an exclusive right to produce or use your invention in the market.
Remember that your invention is the byproduct of your earnest labor, hard work, and diligence. From an idea, you’ve taken scientific methods and processes to achieve it. Now you have materialized your invention, it opens doors for higher possibilities — either it can be imitated or copied by a person of interest.
That’s why as much as possible, you need to patent your invention to sustain your ideas without infringing on others. Thus, you need to learn how to patent an idea to check if your invention is patent-eligible and know the patent costs.
#2 Increase professional value
Are you a pursuing scientist? Academician? Or Engineer? Perhaps, patenting your invention makes you the future Elon Musk or Sir Isaac Newton!
Whether you are a professional working for science or the arts, patenting your invention is your professional asset. Patents increase your professional value, which can be a source of inspiration to other aspiring inventors.
When you successfully patent your invention, it means that the USPTO approves your patent portfolio. In other words, you have a proven, reputable technical expertise that outshines other competitors.
#3 Monetize intellectual properties
Everything created in your mind — whether literary and artistic works, books, trademarks, company logos, slogans — is your intellectual property (IP). Hence, your intellectual property represents your legal ownership, such that IP federal laws restrict others from using or imitating your creation without your license.
Patents function as similar to copyrights and trademarks, only that copyrights protection preserve the authorship of the owner’s work of art and that trademarks protection covers the brand’s identity through logos, slogans, symbols, etc.
As your Intellectual Property, you can generate wealth from your invested patent costs through IP valuation.
Your patent can drive the research and development of the company. Here, IP valuation will help determine the budget and resource allocation for your patent. Because it ascertains the value or price of your invention, it gives a prospect of development and extension to other interested parties by franchising or licensing.
#4 Decrease patent infringement suits
Obtaining a patent infringement is not a joke. It is one of the most serious and pressing concerns for any business in the United States today.
Yes, you can generate wealth by inventing and selling new utility to your targeted customers. However, any interested party can file a patent infringement suit against you.
The American Intellectual Property Association reveals that a patent infringement lawsuit’s average cost is $2.8 million. If you lose in the case, you can pay another million, which wastes your cost, effort, and time.
Bold Patent is ready to commit and protect your invention through their world-class patent lawyers and proven services to avoid patent infringement suits. Their doors are open to help you. Book your free consultation today!
#5 Bolsters brand’s reputation
Patents know your deepest desires. Aside from the professional asset, it gives, patents establish your brand reputation through a unique idea, which would benefit thousands of users in the market.
Moreso, your patent portfolio gives you an edge against your market competitors. It attracts more customers and draws more business partners. With your proven technical expertise, for sure, your future inventors and partners can feel a sense of security knowing that your inventions are protected under patent laws.
Your invention is the byproduct of your earnest labor, hard work, and diligence, whether you are a professional working in the field of science or the arts.
Today, new inventions arise that draw more businesses and investors. But sadly, most inventors, particularly the 21st-century professionals, tend to overlook the beauty of patents.
As the hallmark of your idea, inventions can generate wealth. But if patent laws do not protect it, the legal costs are way higher than the costs of building your invention.
If you have inventions left unpatented, the choice is yours. To have the best choice, here are five reasons why you should patent an idea:
- Patents are protection against copycats;
- Patents increase your professional value;
- Patents monetize your intellectual properties;
- Patents decrease your risk of obtaining patent infringement suits;
- Patents bolster your brand’s reputation.