5 Advantages of Getting 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 a must for you to get a patent if you want to enjoy the fruits of your hard work. Some people have not taken the step of protecting their work just because they don’t want trouble with the authorities. Also, many people don’t understand the benefits of getting a patent for their invention. Continue reading this page to the end in case you would like to know why it’s good for you to have a patent. You can also check this useful tool for more info about getting a patent.
Entry barrier is one of the reasons you should consider getting a patent. After you have come up with an idea someone else can copy it and become a competitor to your work but if you have a patent you can stop them by reporting to them to the court. This means you will be able to reap from your ideas without the worries of people copying your ideas to compete with you. There are two types of patents that you can choose that is design patent that lasts for 15 years and utility patent that protects you for 20 years.
In case you want to enjoy higher prices and profits then you should have a patent. You cannot enjoy high prices when you are facing competition since the customers can easily find an alternative. Since you have not a competition in the market you are worried of your competitors selling the products as cheap prices that will attract more clients than you hence you can set your prices as higher as you wish for increased profit although you have to consider how far your clients can get.
Leveling the playing field is the other advantage that you can get when you have a patent. Big companies make big budgets for their marketing but believe me with your innovations patent you will be on the same ground with them.
Being able to transfer, sell or license your patent is the other good thing about 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. Whether you decide to sell, transfer or license you will be making money from it.
With a patent, you cannot keep your innovation as a secret. When you get a patent for your ideas is like unlocking it to the public. Find answers on any question you have about patent in this this useful tool.