Read this blog to learn more about patents for a business and the top 5 reasons to patent your business in India.
If you are a business person in India, it doesn’t matter which industry your business belongs to. Still, if you have invested in research and development (R&D), you should protect your assets and achievements. And this is one of the most viable and significant reasons behind opting for a patent for your business.
Patenting will let you reap every single benefit of each of your investments made towards your business. Remember, no invention can be yours if you haven’t patented that. However, if you have a patent, rest assured that your designs will forever be yours, and no one else will be able to steal them from you!
In India, as people are now more inclined towards the ‘Vocal for Local’ movement, it is essential to go for patenting for any business that wishes to expand shortly. But before we get into the details of the top 5 advantages of patenting for a company in India, let’s find out what a patent is all about.
What is a Patent?
A patent is a type of an Intellectual Property Right (IPR) arranged by the Government of India to an individual or a business for their helpful, new and non-obvious inventions for a specific period. Patent protection for a business invention or an individual product lasts for two decades from the date of registering the patent. However, it purely depends upon two factors; the timely renewal of the patenting fee and non-withdrawal of the patent for any reason.
A crucial point regarding patents is that the rights are territorial. For instance, if you patent your business in India, it will only be relevant in India. To get the patent protection outside the country, you will have to file separate patents in the countries where you need patent protection apart from India.
5 Benefits of Patents for a Business
Now, let’s take a closer look at the five distinctive benefits of patenting for a business in India –
- Helps a Business to Grow
A patent can help a business to build margins and market share. The popularity of Apple’s iPhone is well-known. However, it is not the most sold product globally. It experiences enormous profit every year it launches a new version. Do you know why? Because the brand had patented everything that it could after its launch.
The company had the backing of many excellent lawyers who knew how to develop a lucrative strategy to protect their client’s inventions. And Apple is not the only company which has patented its inventions. Several other giants in the market have taken this path to make good money and grow their businesses beyond everyone’s expectations.
- Safeguards an Invention
Now, patent registration are helpful for a business simply because they can ensure that the company’s inventions are protected from infringement and violation irrespective of their genre. Whether it’s a design, a song, a process, software, and so on, a patent will be able to keep it safe from desecration for up to 20 years.
So, simply put, you can get a monopoly, and your inventions will not be infringed or violated by another company or individual. This monopoly over your creations is termed the gold standard of IP protection as per the experts in the field.
- Defends the Market Share of a Business
Did you know that Amazon patented online shopping with a ‘one-click’ buying system? You probably did or did not! However, the fact remains that it was a historical move on their part, wasn’t it? Amazon, with this patent, became an undisputed leader in the online retail industry. Even though several other businesses tried to copy this, they couldn’t gain any success.
Amazon has repeatedly sued and filed complaints against several such companies who tried to imitate this invention of theirs. To put it simply, this online retail giant remains on top of its competitors and shares a substantial competitive edge.
- Increases the Valuation of a Business
If you patent your business, it will be an intangible asset of your company. Like tangible properties, your business patent can increase your company’s value. With the use of a few tools and techniques, the value of your business patent will add up to the overall estimate.
So, if ever you feel like going for a merge with another business or if you wish to acquire any other company, your business patent could help increase the total value of your company.
- Better Brands a Business and its Products
Once a patent is filed by you for any one of your business’s innovations or products, it will be labelled as “Patent applied for”. And once your patent has been granted, the product will be marked as “Patented”. You can display these labels on your company website, social media pages, corporate presentations, etc.
The patent for your business will help you brand your products and services in the public domain. Also, it will be easier for your clients to trust you and swear by your innovations.
Steps to Consider Before Filing for a Patent
There could be several reasons for businesses to complete for a patent registration. However, it’s prudent to do some initial checks before filing for one as it will help in ensuring that the patent would be helpful and would add value to the business. Creating a repository of new ideas for patenting and channelising them in the right way for any research-driven organisation is vital. Here are a few steps to help you do that –
- Execute some initial internal audits to keep track of the ongoing research projects
- Form a repository for all new ideas and inventions. It is always a good idea to have an Invention Disclosure Form (IDF) to help the research team maintain documentation of their innovations. And you can even send these forms to the IP committees directly
- From all the generated inventions, do an initial screening and prioritise the options. This way, you will know which patent to file first
- Keep a tab on the legal framework for protecting your innovations. You may patent them as copyrights, trademarks, designs, etc
- Choose the right lawyer to assist you with the whole process of patenting.
Conclusion:-
Believe it or not, several businesses today have made more significant profits by patenting their products and innovations. And patenting makes perfect senses as well. Imagine giving so much effort and spending so much money to make your brainchild come to life, and with patenting, you can reap the actual benefits.
FAQs
Do you need a patent for a business?
While not mandatory, obtaining a patent for a business idea or invention can offer crucial protection against unauthorised use. It provides legal rights, deterring competitors and fostering innovation by granting exclusive rights to the inventor for a specified period.
What are the benefits of a patent?
The benefits of a patent are multifaceted. Beyond exclusive rights, it establishes a competitive edge, attracts investors, and enables potential licensing opportunities. Patents also contribute to technological advancement by encouraging inventors to disclose their innovations, benefiting society as a whole.
Why is it important to apply for a patent?
Applying for a patent is vital to safeguard intellectual property. It grants inventors exclusive rights, preventing others from making, using, or selling the patented invention. This exclusivity encourages innovation, attracts investment, and establishes a market advantage for the patent holder.
What is the most important thing in a patent?
The most important element in a patent is the detailed description of the invention. Clarity and specificity in defining the invention's novelty and uniqueness are crucial. A well-crafted patent specification provides a comprehensive understanding of the invention, facilitating effective protection and legal enforcement.
What is a patent in business?
In business, a patent is a legal document granting exclusive rights to an inventor for their invention. It acts as a powerful tool, fostering innovation, protecting intellectual property, and creating a competitive advantage in the marketplace. A patent can also be monetized through licensing or used as a negotiating asset in business transactions.
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