Reasons Why Patent is Important for any Business
A patent is important simply because it ensures the protection of your invention regardless of whether it is a product, a design, or a process. If your invention meets certain criteria in terms of originality and utility, a patent will safeguard it for up to 20 years and in so many countries as you want. In other words, you will get a monopoly and other individuals or companies won’t be able to create similar products within the same scope. This monopoly on your own idea embodied in a certain product or service is what experts call the gold standard of IP protection.
If you invest in research and development, then you have to protect your achievements. One of the most significant and viable ways to ensure that you will be the one to reap the full benefits of your investments is patenting. Remember, an invention is not your own until it is patented but once it’s done, rest assured, nobody will steal the share of your revenues.
Source: Blank Slate Media