5 Reason Why You Should Get a Patent for Your Startup
A government license that will give you rights to own an invention and discourage others from taking advantage of your invention is what is called a patent. Taking a patent for your invention is the right thing to do because it protects your ideas and yourself. However, many people avoid it because of the many legal processes that are involved when taking a patent. Also, many people don’t understand the benefits of getting a patent for their invention. In case you are reading this article and you are not sure whether you should go for the patent or not then you should consider this useful tips. You can also check this useful tool for more info about getting a patent.
Entry barrier is one of the reasons you should consider getting a patent. After you have come up with an idea someone else can copy it and become a competitor to your work but if you have a patent you can stop them by reporting to them to the court. This means you will be able to reap from your ideas without the worries of people copying your ideas to compete with you. There are two types of patents that you can choose that is design patent that lasts for 15 years and utility patent that protects you for 20 years.
Higher pricing and profits is the other benefit of getting a patent. In case you are having competition in the market you have to sell your product or services at lower prices so that you can be competitive in the market. If you can take legal action to competitors that are using your ideas then it means the customers don’t have a close substitute of your services or products and therefore even with high prices they will remain loyal hence you will make huge profits.
The third benefit of getting a patent is that you will be able to level the playing field. Although you might not be able to compete with the big companies that have enough resources to do that, the patent will fight for you without even having to spend a lot of money on marketing.
Being able to transfer, sell or license your patent is the other good thing about it. Patent transfer, licensing or selling are the options that you have in case you don’t need to keep watch over of your ideas. Any of these options that you make will allow you to make money.
With a patent, you cannot keep your innovation as a secret. This is because once you have a patent for your innovations you can be assured it will be readily available to other people. Browse for tips om how to get a patent here.