Picture this: you have worked on an idea for months, spending your energy and money and you finally manage to launch this idea. The next day, someone else executes your idea and starts making more money than you have from it. That sounds like an absolute nightmare, doesn’t it?
This is where a patent comes in to shield you from that horror. Essentially, a patent is a legal right that excludes others from using a product that you created. When your product is patented, you can sue anyone who sells or reproduces your product without permission. Keep reading to find out other reasons you should get a patent today.
1. Protection
The fear that others may steal an idea or invention is one of the most common reasons people get patents. It should be one of yours too. By patenting your product, other people will think twice before replicating your idea or invention without asking for your permission.
Furthermore, even if your idea is stolen, the patent gives you the right to sue and gain damages from the offender. Asides from damages, the offender will also be asked by the court to stop their offensive act.
2. Competitive Advantage
The protection a patent gives you lasts up to twenty years. This means that during that time, you have solid control over who gets to sell or reproduce your product. This control puts you at an advantage because it reduces your competition in the market. A reduction in the number of competitors gives your business more space to thrive and flourish.
3. Licensing Fees
You can charge others a fee to get your permission to use your idea or sell your product. This can serve as passive income while you continue to market and implement your idea. A great patent attorney can help you fully harness this opportunity.
4. Prestige
It has been established that having a patent gives you a competitive advantage in the market. Consumers tend to associate high quality with products that seem to have monopolised the market. This helps your brand build prestige and influence within the market.
5. Investment Opportunities
A lot of people do not have the financial power to market or produce their product. Having a patent makes your product or invention more attractive to investors and opens you to more opportunities. The same protection that a patent gives you extends to whoever wants to invest in your product. They realize that whatever money they invest is in good hands.
6. Prevention of Conflict
The chances that you will run into conflict with other inventors in the market reduce significantly once you patent your product. It creates a form of awareness amongst other producers of a similar product in the market and helps you prevent a conflict with them.
Do you have a groundbreaking idea you want to protect? Or maybe you need advice on how to go about patenting your product. We have experienced attorneys who are available to put you through. Contact us here today to get started.