5 reasons to get patent registration for your business

When it comes to business, there are many legal aspects that are framed to provide a safe environment for all operations, and a patent is one of them. Let’s learn why you should always consider patent registration for your business.

What is a patent?

It grants a right to intellectual property by a concerned authority to the inventor of the innovative idea. This grant offers the inventor the rights (exclusive) to processor design the invention for a determined time period.

Why should you get patent registration?

• To facilitate venture capital investment.

Patents help in accessing the finances and overcome the liabilities of newness. According to experts, ventures which are backed by patents can easily secure investment. The investors get a positive signal related to the startup as its innovative idea is safeguarded with patent. It increases the scope in the market and the trust of the investors.

• Defend against the attacks of the rivals

It is very easy for rivals to copy the idea and launch it in the market to create competition and ruin your marketing strategy. After getting a patent, one can be assured that no one has the right to steal the idea. This ensures exclusivity, which directly boosts the chances of growth for the organization. Moreover, if any competitor tries to steal the patented concept, you have the right to sue the organization.

• Protect prior work through documentation

It is not necessary that you can only patent the new and innovative ideas in the development process. You can also patent the prior work that you have done before registering for the patent through documentation. Although proving prior work in documentation is a little complicated, it is worth the trouble. Otherwise, your competitor may patent your prior work, and you will not be able to prove your earlier work. At the time of patent filing, the work is documented in-depth, and even if you didn’t get the patent’s issuance, you can still protect your prior work from patenting by your competitors.

• Increase revenue with licensing

Some people think that litigation is the sole way to monetize a tent, but it is not true. One can get revenue from the patent by offering licenses to their patents. One can use a patent as a trading chip that can get access to other’s patents through licenses. All you need to do is offer a value in exchange, which can be money or, in some cases, the patents themselves. So if your licensor needs your patent in return, then you can save the amount on licensing as well.

• An open opportunity of earning money with the patent

Patents are intellectual property, and like other properties, it too as a value. After licensing the patent, one gets the ownership. But at the same time, one can sell off their patents directly. This trend is practiced by many people who don’t want to practice further work in the invention and don’t want to hold accountability for maintenance fees, efforts, etc. It is a great way to earn a heavy amount of money.

So the patent is a must for organizations to protect themselves in the market. If you are looking for professional help in patent registration in Delhi, Mumbai, or any other region of the country, then you should contact Inside Tax consultants. They can help in the entire process of patent registration without making a mistake. So contact now for more information.