Protecting the Inventions:

Why a Patent is Important

In the United States, data security breaches happen every day in many places, making it

difficult to keep count. Upon identifying a hack, many companies notice that millions of

personal information was exposed. Worse, great business ideas disappear as well.

For those afraid of someone stealing their innovations or inventions, it is advisable to

get a patent for it. Stolen information is devastating, as the aftermath can hugely affect

how a company operates and earns a profit.

Legal professionals explain that a patent is a monopoly right given to a person who has

created something unique and useful. For instance, a new medication to treat migraine

or a new software to improve employee productivity. To fully understand a patent, every

company owner should pay close attention to the benefits of patenting business ideas.

Exclusive Rights

A patent provides exclusive rights,

which will allow start-ups, big

corporations and medium-sized

enterprises to use their original

invention for 20 years from the

date of filing the application.

According to the law, however,

patents are subject to periodic

fees.

Stable Market Position

Another great thing about patenting an

invention is having a strong market

position. By getting exclusive rights,

company owners can prevent others

from using the patented idea. As a

result, business owners can reduce

competition and build a trust in the

market.

Strong Reputation

Developing an effective patent strategy

is important to earn the loyalty of

investors, shareholders and business

partners. Patents reveal high level of

specialisation, expertise and tech

capacity within the company.

A creative idea must meet certain

criteria for patentability. It should be

new, capable of industrial application

and obtained because of the activity of

invention.

Just because the rapid technological

advancements make it easier and simpler

to invent anything, it does not mean that

ideas are less worthy of protection.

Someone who stole an idea without

paying might only think about it as

“sampling,” but the tech company from

whom it was taken could call it “theft.”

Resources:

http://www.uspto.gov/web/offices/pac/

mpep/s2701.html

http://www.haldanes.com/

http://www.inc.com/john-rampton/12-

tips-to-dealing-with-patent-trolls.html