Don’t want others to steal your business ideas? Look into the benefits that patent registration can provide you

Before you know about the benefits of patent you have to know why do you need a patent?

If you have a patent it will give you certain legal rights. And if you have these rights then your rival business persons cannot use your strategy of a business or copy your products or inventions.

Protecting innovation is an integral part of the modern enterprise. You can be a full-time entrepreneur, a private investor or a principal in a large corporate entity busy developing products or the means of producing them, then you have every right to use a patent on them.

You will get various reasons for using a patent. Some of the reasons are-

  • A patent is required when you apply for investment.
  • Protecting your product from the time you have filled the patent application
  • Having legal rights of ownership of the invention

How can your invention or innovation get qualified for a patent?

If you want your invention to get through patent tescil (patent registration) then has to be new. Basically, you cannot make your innovation public before filing your patent application.

In fact, your invention must also have an inventive step, this means your inventions just cannot be common or about facts that are already known or are obvious. It has to be innovative. It also has to have the capability of industrial application.

Now, what are the various benefits that you can get from your patent tescil (patent registration)?

  1. Protection against copying

It is extremely difficult to convert any idea and use it to market your service or product. Initially, you have to share your ideas with your investors and also other partners so that you can get the idea to the market.

Therefore it is essential for you to have a provisional patent in these type of situations so that nobody can steal your idea and declare it as themselves.

  • Protect the company’s ability to do business

If your invention does not have a patent then there are high chances that someone may copy it and they themselves may enter the market with your products. Hence your competition in the market will increase for you.

In worst case scenarios you may also lose the right to compete if that person who stole your idea files a patent for the product first. Therefore every effort of yours will be wasted including money.

  • Increase market position

Your patent portfolio will also increase your market position as it will prevent your rival companies to compete in your specified niche.

Your competition in the market will lessen down comparatively lessen down and also increase your market position.

4. Get licensing fees

It may not be possible for you to commercialize your concept. But you will get other people who have the resource and capability that will turn your idea into a commercial commodity. Then your company will get licensing fees from these people as they have used your concept.

  • Improves CV

Having a patent portfolio will show your technical expertise and the commitment that you have for inventing something. Your investors or partners will definitely appreciate it and may even want to work with you.

  • Boosts economic growth

The patent also has the capability of boosting investment and increase your economic growth. When any local or small businesses have patented it automatically attracts foreign investments like magnets.

The unique creation starts gathering finances, and these finance can be used later for further development of the invention. Therefore increasing the industrial and commercial profits and growth at the same time.

  • The right to your invention

If you are the inventor then you will only have the sole right to your invention. You can decide how you want to use your idea and where you want to use it.

You will also have the authority to disclose your invention only to the potential investors or other businesses.

Marka patent (brand patent) may be time-consuming and take a lot of resources but it has huge benefits to shower on you. Therefore, initially, you may find it difficult but it is essential that you get patent for your ideas.