If you’ve ever invented anything, you know how exciting that process can be. The journey from a mere idea to holding a tangible invention in your hands is a rollercoaster of excitement, frustration, and sheer determination.
What can you do to protect your hard work and prevent your invention from being copied?
Get a patent. Yes, even if you have a small business.
Do small businesses need patents?
A patent is not legally required for you to run a business. Having one can, however, play a major role in your company’s success.
Patents protect inventions from being copied without permission. If you want to generate revenue from your invention, you’ll need a patent. They’re invaluable assets. As a patent holder, you can get licensing rights, attract investors, and make it more difficult for competitors to enter.
Whether or not your small business needs a patent depends on several factors. Among them are the type of business you have, the industry, what you offer, and your overall long-term objectives.
5 Reasons Why You Should Patent You Invention
A patent gives your invention 20 years of protection. It prevents others from producing, using, or distributing your invention during that time. This essentially creates an exclusive period during which your small business can further develop its inventions and market them without competition.
Startups and small businesses face a notoriously competitive market, and patents provide an edge. Patents help give businesses, no matter how small, a chance to be successful and be able to compete with larger, more established businesses.
Patents are worth their weight in gold, and their importance cannot be overstated. These are more reasons why we recommend getting a patent for your small business.
To protect your invention
Patents protect businesses from other individuals or businesses that may want to manufacture or sell something similar or identical. You as the patent holder have the sole right to manufacture, distribute, and license your invention. If someone copies your patented invention, you can pursue legal action against them.
It’s important to note that this protection is only valid in the country where you’ve filed your patent.
To have a competitive edge
There’s a lot of value in being the first on the market. First-to-market companies are often considered industry leaders, which can build brand credibility and customer loyalty.
Take, for example, Apple’s 2009 patent for touchscreens. Apple was able to protect its innovative touchscreen while preventing competitors from replicating it. This exclusivity strengthened Apple’s brand, making it a leader in the smartphone market.
To generate income
A patent is an asset whose value has the potential to grow over time, particularly if it’s been properly implemented and managed. Inventions protected by a patent can be licensed and sold, allowing you to profit from them.
To increase your company’s value
Having intellectual property can help you gain investor interest, have more leverage in business deals, raise your company’s value, and increase your exit value.
IBM has an extensive, extremely diverse patent portfolio. Its strategic patenting approach has allowed the technology giant to protect its intellectual property and differentiate itself from competitors, both of which have helped contribute to its success worldwide and higher company value.
To attract potential investors
Having a patent or a patent pending shows potential investors that your idea is original and that you’ve invested time and money into it. Plus, if your idea is patented, you would also be able to pitch to investors with the peace of mind knowing that it’s protected from being stolen.
If You Need Consulting Regarding Patenting Your Invention, Sanchelima & Associates Can Help
Sanchelima & Associates, P.A. is one of the leading intellectual property law firms in South Florida. With over 40 years of experience, we have represented the IP interests of a wide array of businesses in the US and abroad, including Fortune 500 companies. Whether you need a consultation or prosecution of a patent, trademark, or copyright, we can protect your business’s interests.
Contact us to book your consultation!
