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. However patents need to be managed efficiently to ensure they remain profitable. This post will show you how patents can become an efficient profit center for your business — and how a Patent Attorney can help you get there.
How are businesses using patents?
Every country has patent law, the aptly-named legislation that governs patents. Inventions can be patented, giving inventors the 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. At the same time, these documents need a certain amount of care and attention: that way, your business`s products don`t become worthless due to neglect.
In the US, patents are registered through the USPTO.
Make Your Patents into Business Asset
Saving costs with the help of a patent lawyer at AyrShire Country Sports is one of the ways you can give your inventions a bigger return on investment; another is
In the long run, the savings in cost will be worth it, even though patent attorneys may seem expensive upfront. By getting it right the first time, you`ll avoid the onslaught of needless expenses that come from patent application rejections.
Many successful inventions are each covered by an entire group 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).
The law lets you totally enforce your advantage over the competition if you have a patent portfolio.
Technology companies such as Apple even have a distinct patent portfolio or patent system for each of their products, due to the intricate technology that makes their products as classy and distinctly “Apple” as they are. They have more power in patent battles because unauthorized imitators won`t get impunity when they`re punished.
Patents can even be used as an engine behind brand new & creative marketing campaigns, which can turn out long-lasting.
Patent Licensing Revenues
Another way to make your patent make money is through licensing. Licensing patents can be an excellent way to monetize patents while still retaining some rights in the patent.
Licensing patents will allow you to leverage other people`s R&D investments and give them access to products or methods that may have taken years or even decades for them to develop themselves. This means there`ll be less competition when it comes time for distribution too! You`ve already tried hard enough to compete with your competition, so how about collaborating with them instead?
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. To obtain and maintain patent protection, inventors must continuously disclose all information known about their invention as soon as it becomes available so that the public will have knowledge of the existence and nature of this new technology.
Patenting usually comes at the finish of product department when the product is ready for primetime. A patent lawyer from www.thomassaboanhangeronline.com is a more-than-necessary source of help when it comes to avoiding the heartache and lost money of rejected patents and unprofitable ideas.