What are the Advantages of Having a Patent?

What are the Advantages of Having a Patent?

- in Law

Not all inventors consider getting a patent for their inventions, but there are many advantages to putting in the extra effort and funds to get one. A patent can be a very valuable tool to investors that are looking to score a license, a business deal, or more.

The Basics of Patents

A patent is a right granted by a government to an inventor that gives exclusive rights to stop others from making, selling, or using a product without the permission of the inventor. This is a way to guarantee to a company that their invention is their property and that only they have the choice of selling or licensing their product. It really all comes down to protecting your invention and idea so others do not steal it and taking credit for it. Before making any decisions though, it is smart to talk with a Scottsdale patent lawyer.

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Reasons to Invest in a Patent

If you plan on licensing your product, having a patent will protect your idea. If you don’t end up making a deal with investors, you will not have to worry about the investors stealing your idea as well. Plus, adding a patent into the mix of a business deal is going to help you in the long run, especially when it comes to profits. A patent will help with high profit margins to give you the advantage of charging more for others to sell your product.

Other Ways Patents Can be Beneficial

Having a patent can actually help reduce competition. A patent sometimes can scare off others who are thinking of copying your product. A patent infringement charge is not going to be worth it. If licensing your product isn’t something you want to do, a patent will still protect your rights and justify your investment with other companies. Proving that your product is not a copycat and is the real deal will give you an edge with potential investors.

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