5 Reason Why You Should Get a Patent for Your Startup
The authority provided by the state towards the rights to own an invention and exclude other people from using or selling it is called a patent. It’s important to ensure your invention is protected by taking a patent. Some people have not taken the step of protecting their work just because they don’t want trouble with the authorities. More to that some people are not informed why it’s good to get a patent for their inventions. Here are some of the reasons that we believe will convince you to go for it. If you look out for our blogs you will learn more about patents.
The first benefit of having a patent is that you will enjoy barriers to entry for others. It’s very possible to face competition with your ideas and therefore to prevent that from happening is by taking a patent because it will be against the law to do that. Thus you will get the best from your invention since you will have done away with close competitions. The different between the two types of patents as you can see in this useful tool is that if you go for design patent you will enjoy 15 years of exclusivity and if you choose utility patent you will have exclusivity of 20 years.
Higher pricing and profits is the other benefit of getting a patent. In case you are having competition in the market you have to sell your product or services at lower prices so that you can be competitive in the market. But now that you can eliminate competition then you can be able to raise the prices as you want so long as clients can afford and this will mean more profit.
The third benefit of getting a patent is that you will be able to level the playing field. Although you might not be able to compete with the big companies that have enough resources to do that, the patent will fight for you without even having to spend a lot of money on marketing.
Something else you should know is that when you have a patent you can transfer it to someone else, license or sell it. In case you are not interested to be responsible of your inventions for 15 years or 20 years you can sell, transfer your patent to another person. Whichever the way you choose you can be sure to get good money from your patent.
It’s not easy to keep a secret for your information that you are protecting. The public will know about your innovation the moment you get a patent for it. We will keep on giving you more details about getting a patent in our articles.