Because of the advancements of technology, ideas that people have tend to spread faster than they have ever spread before. Because of this, it is incredibly important—possibly more so than ever before—to protect any intellectual property that you may have. If you would like some specific reasons as to why you should protect your intellectual property and obtain a patent each time you come up with an invention, keep reading and you will learn three of them.
Patent Your Invention to Limit the Initial Competition
In the event that your invention ends up taking off, there will be other entrepreneurs who will try to make their own versions of your invention. However, if you obtain a patent for your invention, there is a good chance you can keep the competition at bay. Generally, U.S. utility patents grant 20 years protection from the earliest filing date claimed, and design patents are granted for 15 years.
Patent Your Invention to Boost Credibility
While you may not believe that your most recent invention is going to be all that profitable, there is a chance that some of the inventions that are coming in the future have a bit more potential in that department. By gathering a portfolio of patents, you may be able to gain credibility within your industry, which can prove to be beneficial when it comes time to needing to secure financing for future business endeavors. Investors who look at your portfolio and see it as evidence of creativity, skill, and technical expertise will be more likely to take a chance on you and any prospective proposals that you place on the table.
Patent Your Invention to Hold the Right to Compete
If you fail to patent one of your inventions and another individual does, you may end up losing the right to compete in the marketplace with your individual version of the product. In the end, it will come down to you needing to prove that it was your version that was in public before the other person's patent filing date, and because of this, the other individual's patent claims that read on your individual version are null and void. Even if the other individual copied your idea, they will have the presumption of validity, and you will be the one that needs to prove derivation.
If you have inventions that you want to keep safe and put into the market, you need patents. For more information, talk to a patent lawyer today.