Five Reasons Why To Patent Your Invention

Inventors are commonly encouraged to patent their inventions, but the patent process can take time and resources to execute properly.  Some inventors decide that the cost is not worth the effort, and forgo the process, without realizing the significant benefits that patenting their invention can provide.

 

According to the USPTO, The right conferred by the patent grant is, in the language of the statute and of the grant itself, ‘the right to exclude others from making, using, offering for sale, or selling’ the invention in the United States or ‘importing’ the invention into the United States.

 

Here are five reasons why it is important to patent your intellectual property:

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  1. To Protect Against Intellectual Property Theft – One of the main reasons to patent your invention is that it is very difficult to convert an idea to market without interacting with parties outside of your company.  You’ll have to share concepts with investors and manufacturing partners in order to commercialize your concepts.  By filing for a provisional patent on your design, you gain legal protection against the unauthorized use of your concept.
  2. To Protect Your Company’s Ability to do Business – To put it simply, if you don’t patent it, someone else will, eventually.  You could not only have competition in your market, but you could also lose the rights to compete at all.  If this happens, then all of the investment that you put into your business could be for naught and you could become entangled in costly legal battles.
  3. To Increase Market Position – By developing a patent portfolio for your company’s intellectual property, you will increase your market position by limiting the ability of other companies to compete in your specific niche.  This increased market position and reduced competition can result in an increase in return on investment (ROI) for your company.
  4. To Guarantee Your Ability to Charge Licensing Fees– You may never get to the point where you fully commercialize your concept, but there may be others that have the resources to make your ideas come to life.  This is where licensing can be a great benefit.  By patenting your design, you can license the patent to a partner company, who then invests in the commercialization.  Your company then earns licensing fees for the use of the technology.  Without patents, it would be legally difficult to transfer technology to a development partner.
  5. Patents Look Good on Paper – A patent portfolio is tangible evidence of the technical expertise and commitment to development that you have instilled in your company.  Investors and partners will perceive an increased level of expertise, quality, and innovation in your company, which could lead to increased investment.  Investors and partners will feel a sense of security knowing that you have protected your IP, which will in turn protect their investment.

 

Patenting a product design can take time and resources to complete, but the benefits that patent protection can provide to your company can far outweigh the investment required.

Why NOT to use Invent Help Companies like Davidson to Patent Your Invention

 

 

 

 

 

 

 

 

 

 

Although their advertisements promise to make it simple to submit an idea, there are a lot of things that companies like Davidson, Invent Help, and other lesser known invention patent “simplifying specialists” do not tell you.  Before diving in and expecting to make millions, consider these important facts:

 

  • For starters, it is virtually impossible to sell or submit an idea to any major company without first filing a patent. Most invent help companies do not protect your idea or invention by filing a patent for you. To protect your invention from the get-go, it is best to try to obtain a patent from the USPTO on your own.  For help with filing a first-time patent, seek the advice of a patent attorney. Be on the lookout: Companies that advertise the ability to file your patent for only $99 are definitely SCAMS and should be avoided altogether.

 

  • Second, most companies will not do a patent search to make sure your invention does not already exist. Invent help companies are in the business to make money, so they don’t necessarily mind taking yours. It is important to pay out of your own pocket for a patent search before deciding to move forward with any invention.  Submitting an idea, only to find out someone has a patent on something very similar, results in lost money and wasted effort.

 

  • Next, the fees for providing inventor services, professional patent illustrations, attorney fees, publicity and submissions to the industry are all additional.  These fees will not be absorbed by any invent help company, and you may actually be charged more than you would by seeking these services on your own. One way or another you will still have to pay for all professional services related to your invention, so why not have control over what you pay to whom?

 

  • Finally, know the statistics.  Invent help services cannot and should never claim to guarantee the success of any product idea. Inventor Spot Forum recently posted these statistics published by one major invent help company:

 “From 2003 to 2005, we signed submission agreements with 6,592 clients. As a result of our services, 119 clients have received license agreements for their products, and 15 clients have received more money than they paid us for these services.”

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Obviously this confirms that a person’s success rate is not guaranteed.

 

Everyone knows that all good things take time, hard work, and dedication.  You are the inventor, so be serious about taking the right steps toward protecting your invention before seeking promotional help from any one of the ideas-made-simple “invent help” companies. If you need professional help illustrating your idea, be sure to contact Inventia Patent Drafting right away!