Whether you’re creating the next big streaming platform or composing a soon-to-be viral bop, here’s how you can protect your creation!
Filing for patents is a must to protect your ideas from being copied or misused. Read on to find out the benefit of patent.
Before we dive in, let us first understand what are patents. A patent is an intellectual property right granted by the government of India to the innovator for a given period of time. During this period, the innovator holds the sole right for creating, selling or importing the technology or product.
Why is patent important?
If you are an innovator, especially with a ground-breaking invention, you may have been advised by colleagues and seniors to file for a patent. If you are wondering why are patents important for innovation, here’s why:
Filing a patent for your idea, product or solution is a good plan since a patent is a tool that not only shields your innovation from being copied but also helps you leverage your idea to monetize it and reap maximum financial benefits.
With a patent, you will have all the rights to your invention. In particularly competitive fields of research, a patent helps the innovator stand out.
Advantages of patents in innovation
Patents and intellectual property rights foster a healthy ecosystem for innovation. There are many advantages of patents for innovators but here are our top picks on why is patent important:
- Ownership: A patent will grant you holding rights to the innovation for a given period of time. For example, a patent granted to you for 20 years for your product would mean you have full ownership of the product for the time period from the date of your patent application. This means you can block others from making, using or selling your product without your permission.
- Business: If your’re a budding entrepreneur with a patented product, it’ll be easier for you to raise capital from investors.
- Beat the competition: A patent for your technology will keep you a step ahead of your competitors. If your technology is patented, others in the market are barred from using your technology either directly or indirectly to develop another product. You can use this benefit of patent to deter your competitors.
- Earn royalty: Innovators can license their patented products to other companies and earn a royalty. This helps you grow your business in markets that you may not have immediate access to. For example, you may be doing business in Mumbai but you can licence the technology to a company in New Delhi.
- Avoid litigation: In competitive fields of research, innovators are constantly working on new technologies. Some of these technologies may overlap or be similar to each other. A patent for your technology will save you from allegations of infringement. You can also work with another innovator, working on similar innovation, to cross reference your patents. This will benefit both parties.
- Public interest: A patent grants you sole ownership of your invention, however you are expected to disclose an adequate amount of information about the technology in order to promote further innovation by other researchers and the general public.
- Good return on investment: After owning the patent to your invention for a while, you may realise it is not beneficial to you anymore. In that case, you can sell it to another innovator who may gain more use out of it. With the income gained, you can further your work in your field.
Final note: Filing for patents is a long-drawn process. Prepare well in advance and look out for work related to yours. It is ideal to be up to date on the latest technology innovations in your field. To enjoy the benefit of patents, as mentioned above, plan your patent drafting process. In the long run, it is worth the effort!