A company`s patents are an asset. It is possible to use them to create new streams of revenue for the business. To remain profitable, patents need to be managed well. This post will outline some of the best practices for patent management, including how patents can become an efficient profit center for your business — especially with the help of a https://lloydmousilli.business.site/!
What does patent law mean and how do businesses use it?
Every country has patent law, the aptly-named legislation that governs patents. Patents give inventors the exclusive right to make, sell & license their inventions. They are a valuable asset for any company because they protect business methods & unique product mechanisms from competition, offer an additional revenue stream through licensing deals, and can be used to guide future research efforts. And yet, without attention to the documents that protect them, your products could become worthless.
In the United States, patents are registered through the U.S. Patent and Trademark Office (USPTO).
How Patent Law Can Generate Revenue for You
From patent application to registration, there are 2 chief ways you can give your inventions a greater ROI: save costs with the help of a patent lawyer, which is explained in better detail at Houston Patent Services: Houstons Experienced Patent Law Firm, and increase revenue with a patent portfolio.
In the long run, the savings in cost will be worth it, even though patent attorneys may seem expensive upfront. As a new inventor, you won`t have to bear the weight of wasted filing fees due to rejected patent applications.
It is possible for your invention to be covered by an entire portfolio of patents. Inventions with patent portfolios are often protected by both of the 2 main types of patents: design patents (aesthetics), and utility patents (functions and mechanisms).
Patent portfolios are more effective overall than a single patent because they protect your invention from many different angles. With this protection, you have the option to enforce if someone is violating your patents. They allow you to take the fullest advantage of intellectual property law.
Technology companies such as Apple even have a distinct patent portfolio or patent system for each of their products, due to the intricate technology that makes their products as classy and distinctly “Apple” as they are. They have more power in patent battles because unauthorized imitators won`t get impunity when they`re punished.
Some patents can even be used as marketing devices, automatically giving your marketing campaigns a clear advantage in long-term revenue potential.
Licensing Your Patents
Another way to monetize your patent is generating revenue from licensing. You can generate income off others` legal use of the patent while still having full rights over it.
Licensing patents can give your licensees access to products and services they would`ve otherwise taken years to try to develop. This even reduces competition! This is all possible because you get to work collaboratively, not competitively, with your competition.
You can also make a profit by selling patents, rather than just utilizing them while you own them to get a return on your investment.
The way patents work is that once a patent is successfully registered, the government grants exclusive rights to the inventor to protect and sell their exact invention, for a nonrenewable term of no more than 20 years. One requirement for successful patent registration is that an inventor publish their invention and its details, so the general public knows about the new technology.
Patenting usually comes at the finish of product department when the product is ready for primetime. New patent applicants must consult a patent attorney so they are best prepared for success, as https://www.directionalletting.co.uk/houston-patent-services-houstons-experienced-patent-law-firm/ elaborately outlines.