Inventing Your Success: 5 Crucial Advantages of Getting a Patent for Your Startup
Thinking about getting a patent for your invention? You might not be sure how to get a patent or if it is worth your trouble.
When you’re in business, you have to do everything you can to protect yourself and your ideas and patents are one way of doing that. If you aren’t sure of the advantages of patents, continue reading this article to get the information you need.
Why Getting a Patent Makes Good Sense
When you’re on the fence, using this useful tool and other tools can help you understand more on the topic of patents and can be a lifesaver. If you still aren’t sure if you want to go for a patent or not, see if the information below can convince you.
1. Barrier to Entry
Patents keep you from having to worry about other people competing against you with your own invention. If a competitor does try to sell their version of the product, you can sue them and stop them from marketing and selling the product.
With a design patent, you get 15 years of exclusivity. With a utility patent, you get 20 years of exclusivity.
2. Higher Pricing & Profits
When you don’t have competition, you are good to go with higher pricing which means higher profits. If you have competition in the market, you’ll have to compete on price. Since there isn’t any competition, you get to set the price as high as people are willing to pay.
3. Level the Playing Field
Big companies can often market better than you can but when you have a patent, you can level the playing field. You don’t have to compete against big companies and their large marketing budgets.
4. Transfer, License or Sell Your Patent
When you have a patent, you can transfer, license or sell your patent which are all great ways to make money. If you’re an inventor that doesn’t want to keep watch over your invention for 15 to 20 years then licensing or selling your patent might be a good option for you.
5. No More Secrets
It’s hard to keep secrets and when you’re excited about something, that makes it even more difficult to keep these secrets.
Trade secrets are one way to keep private information within a company but with trade secrets, you have to keep a check on your employees and make sure they aren’t sharing information.
On the other hand, when you have a patent, the information about your invention is available to the public.
Increase The Value of Your Startup
Taking care of legal matters isn’t always fun. Don’t avoid getting a patent because you don’t want to deal with the legalities. If you don’t have a patent, you’re leaving your invention unprotected.
Now that you have the information you need about patents, why stop learning there? We have many articles that can help you increase the value of your startup.
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