If you want to file a patent for your invention then you must be aware of patent filing strategies and management of IP assets to obtain revenue benefits. Moreover, you should also avoid pitfalls which will arise throughout the procedure. You can check this article to know basics about patenting strategies which will surely help you obtain a patent for your invention without any hurdles. This guide ensures patent success among the competitors available in the market.
The Emergence of Patent
The concept of patenting invention emerged in the 14th century. The basic idea about patenting was to help inventors get exclusive rights on their ideas for a limited period of time. Now, the patent system has emerged as a robust platform for invention protection due to many refinements and changes, but the fundamentals of the system are still the same. Getting patentability not only brings competition but also improves the market value of a business in the economy.
In order to protect the invention, patentability is required that will not only keep the company ahead of others, but will also stop others from using the invention idea, product, or process. So, if you want to get patent for your invention then, you must know that patent rules and rights vary from country to country. However, in most of the countries, a patent lasts for a limited time period i.e. 20 years.
Do you know why strong patents are a source of incremental innovation? Read to know: Strong Patents: The Source of Incremental Innovation
As a patent last for 20 years, following are the exclusive patent rights an inventor can enjoy during the period:
- Full monopoly control over the invention.
- Full right to own the invention by avoiding others from selling, making, importing, using and any other form of activities without the owner’s consent.
- Full control over generating revenue by licensing or selling the patented invention.
Do you know all the specifications of a patent? Learn Here: Complete Specification of Patents
How to manage patentability cost?
Many times, patenting cost discourages companies from patenting their invention. In the US and many other countries, a patent agent’s fees are calculated on the basis of a number of working hours and roughly it falls between $250 -$500 per hour. In order to avail best patent services at cost-effective rates, many companies hire Indian IP firms such as Sagacious Research Private Limited. Moreover, one can even cut patentability cost by analyzing and separating important inventions from non-important inventions to attain patentability only for the important ones. Before patent filing, one must know in which market his/her product will get success as patent filing without definite strategy leads to wastage of both money and time.
Do you know why and how your patents are valuable? Read to know: Earn ‘The Name, Fame, and Money’ from your Patent: Learn How
When, Where (country) & How should I apply for a patent?
One must take wise strategic steps to get patent for his/her invention as taking a patent for non-worthy ideas/inventions causes huge loss of money. When a patent generates good revenue then it is worth patenting, otherwise, it is not.
As patents provide territorial rights, they are valid for the region in which they have been filed. In order to obtain international patent protection, one needs to file patent separately in each country. Many people have a misconception about PCT (Patent Co-operation Treaty) that it provides international protection. However, the reality is something different as applicants prefer PCT because it provides extra time for them to decide the country in which they want to file their patent. The patent filing procedure is very expensive so, jurisdiction must be chosen carefully to avoid unnecessary expenses. Moreover, one should avoid the countries in which the product will not be launched, instead, regions, where business has been established, must be chosen.
Success Verticals of Patenting
There is no doubt about the companies with a patent will achieve more success as compared to companies without patents. Except for exclusive rights, there are many other reasons for success which are mentioned below:
|Serial No.||Success Verticals||Description|
IP Valuation is one of the most preferred relevant options for licensing and investment. It is also important for mergers and acquisitions. On the basis of IP valuation, companies categorize IP assets into 3 major categories which are as given below:
1. Very Valuable Patents: Worth defending
2. Moderate Valuable Patents: Not planned to be used but are important for others
3. Less Valuable Patents: No use and have no value
|2.||Patents and Investments||Patent are considered as an IP asset. It drives investors which helps them enjoy financial gains. Also, patents improve the credibility of a company.|
|3.||Patents and Licenses||
Many companies make money by patent licensing. Licensing types:
1. Exclusive: Right only given to one person
2. Non-Exclusive: Many people can avail patent
Many patentees don’t use their patents to protect their invention but, they wait for other companies to develop a similar successful product to sue them to pay royalties. These kinds of companies are known as patent trolls. In order to avoid such situations, one must conduct a patent search to make sure that his/her patent is not infringing any other patent. The search not only avoids unnecessary expenses but also saves time.
A company can attain huge success if patent strategies are applied in the right direction. To do this, customized patent filing strategy and IP management strategy must be served to companies. In addition, a foolproof IP strategy must be considered.
Now, don’t delay and get the best patent services from Sagacious IP at the cost which suits your budget. To know our services, please visit our service page.