Good reasons for applying for a patent
Get a head start in the market
Developing a new product often requires large investments. A patent can provide you with an important competitive advantage because you will enjoy exclusive rights to exploit your invention commercially.
If you can document an exclusive right to the invention, you can warn off your competitors from copying or exploiting your invention. You will also have a sound basis for negotiating finance for development costs, and for entering into sales and licensing agreements.
In this way, patent protection provides you with a good opportunity to secure your investment and cover the costs involved in the development of the product.
Evidence of innovation and creativity in your business
A patent is important because it provides you with an exclusive right that can:
- increase your competitive advantage and help you earn money from your invention
- help you achieve a greater share of the market
- help to prevent conflicts
- be used as evidence in a conflict
- gives you a sound basis for entering into sales and licensing agreements with others.
- make your business more attractive to partners and investors
Patents are often more valuable than patent applications, since there is no guarantee that an application will be granted. The value of maintaining a patent may change over time, and should therefore be reviewed regularly. Patenting takes time and is best suited to inventions that are long-lasting in the market.
Whether you apply for a patent or not, you should monitor the activities of your competitors, and ensure that you do not infringe their rights. In this way, you will avoid litigation and claims for damages or compensation.