5 Reason Why You Should Get a Patent for Your Startup
A patent is a legal authorization given by the government to protect your work from being used or sold by others. It’s a must for you to get a patent if you want to enjoy the fruits of your hard work. However, many people avoid it because of the many legal processes that are involved when taking a patent. More to that some people are not informed why it’s good to get a patent for their inventions. Continue reading this page to the end in case you would like to know why it’s good for you to have a patent. You can also check this useful tool for more info about getting a patent.
Entry barrier is one of the reasons you should consider getting a patent. When you have a patent for your inventions you have the rights to sue anybody who gets into the market with your invention. This will eliminate any form of competition with similar ideas and enjoy market freedom. A design patent will keep you covered for 15 years and a utility patent will cover you for 20 years.
The second advantage of a patent is that you will enjoy better prices and increased profits. You cannot enjoy high prices when you are facing competition since the customers can easily find an alternative. If you can take legal action to competitors that are using your ideas then it means the customers don’t have a close substitute of your services or products and therefore even with high prices they will remain loyal hence you will make huge profits.
A patent helps you to be on the same ground with the big companies. As the big companies enjoy their ability to market themselves widely you can enjoy the same level since you are the sole proprietor of your innovation.
Being able to transfer, sell or license your patent is the other good thing about it. Patent transfer, licensing or selling are the options that you have in case you don’t need to keep watch over of your ideas. Whichever the way you choose you can be sure to get good money from your patent.
With a patent, you cannot keep your innovation as a secret. This is because once you have a patent for your innovations you can be assured it will be readily available to other people. Find answers on any question you have about patent in this this useful tool.