Depending on the type of business you’re intending to run, you may need to acquire a patent for your product or idea prior to being able to take full advantage of your rights as a business owner. However, patent lawyers have stated that not all new products or ideas truly need to be patented by your business in order to find commercial success. To help you as a business owner to know when a patent may be necessary, here are three general reasons you may want to patent something for your business.
To Prove Legitimacy of Your Product or Idea
For some, obtaining a patent for your invention or innovative idea may simply be for the purpose of proving the legitimacy of your product—and this is completely reasonable. According to Gene Quinn, a contributor to IPWatchdog.com, seeking validation from the government that you genuinely have something worth patenting in the first place may be all you need to prove to yourself and your investors that you haven’t been wasting your time and resources, giving you the confidence boost you need to take your business to the next level. If you feel the desire for this stamp of approval, you may want to start the process of obtaining a patent.
To Protect Your Business
Having a patent will truly serve as a protection for your original idea or product that some businesses or inventors see as an absolute necessity. According to Christopher Hann, a contributor to Entrepreneur.com, a patent gives you or your business the exclusive right to make, sell or use the work you have patented, ensuring that no other person or company can take credit or steal your unique idea. Especially if you’ve produced something cutting-edge or ahead of your time, getting a patent to protect your business is a must.
You’re Ready to Take Your Product to Market
If you feel that your new product or idea has been tried and tested and is ready to be taken to market for commercial consumption, you may want to secure yourself a patent before you take this momentous leap. Prior to patenting, Tony Wilson, a contributor to TheGlobeAndMail.com, shares that Susan Ben-Oliel, a patent lawyer, advises those requiring a patent to not disclose publicly any information that could jeopardize the ability to obtain a patent.
Precautionary measures such as this could also include using Confidentiality Agreements liberally in order to ensure that all parts of your idea or invention make it under your patent and don’t get sold to the highest bidder before you’re ready to take your own product to market.
Patenting your invention or unique and original idea could be the best business decision you ever make. If you find yourself falling into one of the three categories mentioned above, consider speaking to a patent lawyer to find out just what you need to get started patenting and protecting your business’s future.