Top 5 reasons why a patent is important for any innovation?

Top 5 reasons why a patent is important for any innovation?

 

·         Patent gives complete right

Owning a Patent will give you the complete rights to protect it from others taking advantage of your Idea or innovation. It provides the Patent owner the right to prohibit others from using the invention which has the patent rights and also prevents our innovation from our competitors, only the respective person who owns the patent rights can decide whether the necessary person or company can use his invention.

 

·         Patent supports your business to enrich

A Patent can help your business to grow and gain more profit but it can be done only if you own a patent for the invention. When you own a patent for an invention which has high demand in the market you can make a lot of money and other person competitors can use it only with your permission. If the inventor cannot produce the resources needed for his invention then he has to buy the technology from the registered patent owner.

·         Technology Transfer

 

Technology process is a complicated process which includes several non-scientific and non-technological factors. There are so many factors for a successful technology transfer, Successful and quality research results alone cannot make the technology transfer successful, other factors like skills, awareness, and access to fear finance and IP management are also necessary for successful technology transfer.

 

·         Easy to get investors

 

Many Inventions are stopped in between due to the lack of capital or funding needed for the inventions. If you have a patent for your invention securing an investor like venture capital or angel investors will be easy. Investors will trust if they see your invention is having patent and the innovation is something new which going to create an impact.

 

·         New Market Exposure

 

A Patent may also business value to enter in to new markets using merger, joint venture and partnership. Portfolio will give additional advantage to the company which will be useful for start-ups and investors    to get in to new markets with new business partner

 

File Patent for your innovation easily (PatentFiling in India)


Comments

Post a Comment

Popular posts from this blog

The strategy behind the use of Patent Applications:

 A patent strategy is a continuous step taken by the company or the institution to protect its invention and its position from their competitor. A patent strategy is similar to a Business strategy, it repeatedly needs obstructive analysis to recognize the threat and opportunities. Why Patent strategy is important? Strategies mutate according to the industry, size, and stage of the business. Patents play an important role in building and hardening a ruthless market position for several businesses. Patents act as a shield for new inventions, confirm individuality in the market, and support companies in market shares. Patents also protect market competitiveness against competitors and infringers. If the competitor duplicates your patented innovation, strict action like patent Infringement can help you execute your rights, make them stop, and charge a penalty for the damage. Patents will help you to set up joint ventures and partnerships. Anyway, some key points to include and manage I...
Read more

Patent Analytics: A Game-Changer for Your Business Innovation

Image
Innovation is a key driver of economic growth and development. It enables businesses to stay ahead of the curve, and create new products and services that solve problems and meet customer needs. However, innovation is not just about generating new ideas; it also requires a deep understanding of the market, competition, and intellectual property landscape. In this article, we will explore the importance of patent research and analytics in innovation, and how it can help businesses unlock new opportunities and stay ahead of the curve.   The role of patents in innovation Patents are a critical component of innovation. They provide legal protection for new inventions, and enable businesses to monetize their ideas by preventing others from copying or exploiting them. Patents also incentivize innovation by providing a return on investment for research and development efforts. By understanding the patent landscape , businesses can identify gaps in the market, and explore new areas for i...
Read more

Impact of Patent Searching in Product and Process Research

Image
Every innovator hopes that their work is unique and potential in cohesion with the positive research outcome. Many times, repeating the work that others have already contributed is a waste of valuable resources like time and money. Avoiding the wastage of resources is very significant specifically when the researcher or inventor is planning to apply for a  patent and any other IP Protection. There are many real-time instances to highlight the problems that have resulted from failing to execute a good patent search along with the technical literature review . A patent provides exclusive rights to the inventor in recognition of his hard work and investment of his time in developing the invention as means of incentive to protect and stops others copying or infringing the inventive technology. With ample time and money at stake, it is empathetic to note that academic researchers and R&D of SME’s are giving least importance to search for patents prior to the initiatio...
Read more