- To Prevent Copycats
In order to get your invention off the ground, you will need to share your idea with potential investors and partners. This puts you at risk of another company beating you to the market. By patenting your idea, you minimize the risk of this happening and protect
- To Ensure You Can License Your Product
By patenting your idea you can license out your patent to another company who may be better suited to commercialize it. Many large companies even have invention submission departments you can submit your product to.
- Investor Perception
Investors may not see you as adequately prepared without a patent. Don’t lose out on any lucrative deals due to the fact you haven’t protected yourself legally.
- To Focus Your Project
Because the patent office requires you to nail down the details and functionality of your invention, the filing of a patent can be a useful exercise to make important decisions regarding your product.
The Case Against
It’s important to consider the timing of your patent. Will the patent be useful by the time the patent is obtained? Obtaining a patent can be a slow process. It can also be costly to obtain lawyers or patent agents to work on them for you. Do a cost-benefit analysis before incurring costs.
A patent is a valuable asset to any inventor. Carefully consider your options and be sure you are setting yourself up for success by protecting your intellectual property. And remember, a patent is only as strong as your ability to enforce it. Be prepared to take legal action against those that infringe on your intellectual property.