Innovation is all about spreading the word, generating profit, or selling the product without allowing plagiarism, infringement, or discrediting to occur. The patent creates a barrier between the company and its competitors. If someone tries to pass off your idea as their own, we all know how disappointing it is. Intangible assets are gaining more value as a result of the growth of information technology as well as knowledge-driven sectors. Provisional patent applications provide the owner with exclusive property rights. As well as protecting your invention, it creates a positive image for your company, returns a higher profit for your investment, lets you sell patent rights, boosts your ability to acquire financing at a reasonable rate, and allows you to earn additional income.
Prior art
A patent application must be filed after researching previous innovations or products that may resemble yours, known as “prior art”. The novelty, inventive step, and industrial applicability of your invention must be met.
Time period
As patents are licenses with specific rights granted for a set period of time (20 years), you may need to renew your application periodically. In addition to time and money, maintaining it requires resources.
In some cases, the process can take up to four years. When you first file it, there is a time gap between when you receive your patent, so it is important to begin as soon as possible and keep updated to avoid exploitation.
Territorial
The patent system is also region-based, which means that patents are only protected in the country in which they are filed, not globally. To maximize the benefits of your startup’s invention, get it patented as many places as possible.
Every country has its own set of laws and standards that determine whether a patent can be granted or disregarded. Therefore, a patent granted in one country does not guarantee its qualification in another.
What Every Startup Should Know Before Filing A Patent
When you innovate something, you want to spread the word, obtain profit, or sell the product without allowing plagiarism, infringement, or discrediting. A patent creates a barrier between the company and its competitors in this instance. Everyone knows how disappointing it is when someone claims your idea as their own. The growth of information technology and knowledge-based sectors has made intangible assets more valuable than physical ones. A patent gives the owner exclusive rights to exploit his or her property. As well as safeguarding your invention, it also creates a positive image for your company, generates a higher return on your investment, and allows you to generate additional income by licensing and selling patent rights. It also allows you to obtain financing at a reasonable rate.
Disclosure of Information
You should be aware that your invention’s details will be made public after registration. Information like this may be used by people to create new products. However, no one will be able to make money or gain recognition just by recreating your idea, which is very advantageous.
Components of a Patent Application
A patent application includes a title, introduction, background art, a brief description of the invention, figures, claims, and diagrams. It is essential to mention all the necessary features. The characteristic or trait will not be protected if this is not done.
Requirements
No publication should be released, no products incorporating the invention should be sold, and no lecture or presentation should be given except under a non-disclosure agreement before filing. An inventive step means that the invention should not be obvious to a skilled person in the field. Ideally, it should solve a technical problem.In order for the invention to be industrially applicable, it must be useful in some way
What A Patent Does
Acts performed privately for non-commercial purposes or for experimental purposes are not covered by patents. With the monopoly conferred by a patent, the owner is able to control who makes, uses, sells, imports, and exports the invention, receive compensation for infringement, and obtain an injunction to stop further infringements.
Difference Between Discovery and Invention
The difference between discovery and invention is that discovery involves learning about something previously unknown or unrecognized whereas invention involves creating something that did not exist before.
Patents are not available for discoveries, mathematical theories, inventions contrary to morality, therapeutic and diagnostic methods, business methods, and already existing varieties of plants and animals.
Conclusion
Strong and well-structured IP portfolios are indicative of your company’s expertise, technological capability, and creditworthiness to business partners, investors, lenders, etc. In the event of imitators or free-riders, strict action can be taken. Introducing your innovation to the world eliminates many negative consequences. Getting a patent filing is an all-in-one way to increase your market presence, so what are you waiting for? Don’t let time pass you by without starting your IP journey.
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