Patents are a valuable asset for any company. They can be used to protect and generate patents which in turn provide an additional revenue stream. In order for patents to remain profitable, they need to be actively taken care of. Some of the best practices for patent management will be described in this post, including how a Patent Attorney can be a game-changer for your business.
What is patent law and how do businesses use patents?
Patent law is a body of regulations concerning the registration and enforcement of patents. Inventors with patents have the exclusive right to make, sell, and license their inventions. They are an asset for any company because they protect business methods, offer an additional revenue stream through licensing deals, and can be used as a guidebook & reference for research into future product design. However, patents need to be managed efficiently, so your business`s products don`t become worthless due to lack of attention to the documents that protect them.
The U.S. Patent and Trademark Office is the place to register patents in the US.
How Patent Law Can Generate Revenue for You
From patent application to registration, there are 2 chief ways you can give your inventions a greater ROI: save costs with the help of a patent lawyer, which is explained in better detail at Houston Patent Services: Houstons Experienced Patent Law Firm, and increase revenue with a patent portfolio.
In the long run, the savings in cost will be worth it if you decide to work with a patent attorney. By getting it right the first time, you`ll avoid the onslaught of needless expenses that come from patent application rejections.
To increase revenue, your invention can be covered by not just one patent; they can be covered by an entire portfolio of patents. This is possible when you patent not just the content & design of your invention (design patents, as they`re known in the United States), but also its use and methods for how it`s used or manufactured (utility patents).
If you have a patent portfolio, the law allows you to better utilize your advantage over the competition, which can push you ahead in saturated markets.
Apple uses and enforces a distinct patent portfolio or patent system for each of their products, due to the intricate technology that makes their products uniquely classy. This grants them greater power in battles against patent infringement, so that unauthorized imitators won`t get away with it.
Patents can even be used as an engine behind brand new & creative marketing campaigns, which can turn out long-lasting.
Patent Monetization through Licensing
Another way to monetize your patent is generating revenue from licensing. Licensing patents can be an excellent way to monetize patents while still retaining some rights in the patent.
Licensing patents can give your licensees access to products and services they would`ve otherwise taken years to try to develop. This means there`ll be less competition when it comes time for distribution too! Heck–instead of competing with your competition, why not collaborate with your competition?
Patents can also increase the company`s value if you later choose to exit. This can be done through outright sale, licensing or even bankruptcy proceedings.
Generally, inventors can have a protected patent for no more than 20 years from the date granted, including a few mandatory maintenance fees. For successful patent registration, inventors must disclose the details of their invention to the public as soon as it becomes available.
Patenting usually comes at the finish of product department when the product is ready for primetime. New patent applicants must consult a patent attorney so they are best prepared for success, as Patent Attorneys for Houston Businesses: Navigating the Complex World elaborately outlines.