First and foremost, I would love to introduce to you what a patent means; a patent is a grant of a property right to an inventor. A patent is therefore granted for new, useful and non obvious inventions for a period of 20 years right from the filling date of the application, and provide the right exclude others from exploiting the invention during that period.
Patent are ever of three types granted to inventors, that’s utility, design, and plant patents. For one to acquire a patent there is need to fill and file out applications with some fee attached to it. Getting a patent may look useless and non-mandatory but it has some reasons for one to patent an invention;
Let me take you through some of the reasons for obtaining a patent.
Exclusivity; you can acquire a patent for your invention basically to exclude other competitors of the same invention from manufacturing, using and selling that patented product in the market or deny access for its importations to the market. The argument here allows the inventor to reap more of the expected returns from the invention idea and possibly reducing the likely competitors in the targeted market. Large companies like Apple, Microsoft and Google have been sharp advocates of patent regime. As a result, they have directly benefited from patent advantages. Patents are part of the company’s Weapon store in corporate warfare, that are used to deny companies of the same invention access to important market, disrupt business cycles and to generate large sums of licensing revenue.
Let’s see the best example here between Apple and Samsung; Apple has alleged infringements by Samsung because of its patents which Samsung recently been denied access to the Australian and German markets to sell its Galaxy products by a ban obtained by the Apple.
Civilizing the image of the company; do you want you want your company to shine? Then it’s better to register your invention with the patent and Trade mark office. This portrays how serious you are in the business that you believe in achieving your business intensions. This demonstrates a certain degree of technical know-how that is profitable in case you are searching for business buddies simply due to your idea to obtain a patent for your invention.
Consequently, patents are good at improving the negotiating position of the business, often, companies develop ideas/inventions connect in cross- licensing, meaning that companies can exchange their patents for their inventions, let’s say, you can exchange the patent rights that you hold to an invention for the patent rights to an invention held by your business ally. Therefore having strong patents right for your invention improves the negotiation position of the company as well as more likely to hold patents that are beneficial to other companies.
Well! Patenting an invention is so important in generating more revenue and incomes for the company. It can work though the company may have been declared or measured lifeless or insolvent. For example you might have or not have heard of Nortel Networks and famed sale of its patents portfolio. Nortel was even considered dead, but the sale auction raised $4.5 billion from selling its patent rights.
An alert, though there are several reasons for patenting an invention, but there are some demerits that may make you to avoid obtaining patents for an invention, for instance getting a patent right for a transient market takes like two to ten years after filling and submitting the application, by the time you get granted this patent right, the invention might have even become useless.
If used appropriately, patents to an invention provide perfect means to obtain technology, subsidy and some other assets that the organization may lack. As discussed above, patents create exclusivity to the company, civilize the company image, and improves the company negotiation position as well as a generator of more revenue and incomes to the company. However, obtaining a patent protection needs not to be much expensive. An effective patent filing approach that leverages the on hand worldwide patent agreements can postpone patenting costs.