Practical Reasons to Patent Your Products

Patents keep competitors at bay.

Are you a business owner looking for a competitive edge? If yes, one way to achieve this is to patent your products.

What is a patent?

“A patent is a right granted to an inventor or applicant by the government that permits the inventor or holder of a patent to exclude others from making, selling or using the invention for a period of time. “

Therefore, you prevent other companies from making, using and selling your new product without your express permission.

This is a sure way to eliminate competition especially if you market your product effectively.

In short, low competition, better market position.

Aside from having a competitive edge, what are other practical reasons to patent your products?

Earn more

By dominating your niche because of your product’s patent, you are more likely to have increased sales. Increased sales can be because of higher volume sold or a more competitive pricing.

Add a new revenue stream by licensing your patent. Patent licensing is a practice that lets you transfer your patent rights to a party that can use it for making or selling a product or service.

Also, having a patent means you have a tradable asset which can therefore be

sold. Should you wish to sell it, you can always name your price.

Plus, think about add-on sales. This happens when the patented product is a component of a more complex product or the patented product is sold in association with other products.

Attract investors.

Sophisticated investors do not invest unless they see a valuable opportunity.

Your business can attract investors with a patent because having one indicates that you are committed to the growth of your business. It also gives them an impression that your product is high quality.

The absence of patents or other intellectual property can make it hard for you to secure financing. Remember, investors want the highest possible return on their investments.

They are looking for companies that have a competitive edge right now and in the long run. Sustainability is the key. Patents go a long way toward guaranteeing that.

Gain strategic partnerships.

Be confident in entering strategic partnerships with your product patent as your key contribution.

Strategic partnerships have generated tremendous value throughout history and are more common than many of their beneficiaries realize.

Here’s an example: Runners who track their workouts with Nike + iPod products, are taking advantage of a joint venture involving both patent and trademark licensing.

Have a solid branding.

An important but often ignored benefit of having a patent is its role in increasing your company’s credibility.

Having a patent demonstrates a high level of expertise, specialization, and technological capacity within your company.

This can be incorporated into your branding, marketing, and advertising strategies.

With these benefits in mind, why not patent your products now?

Getting a patent would require a slow and careful process. Start off the right way and discover how you could leverage having a patent by reaching out to J. Ponce Law. You may also visit our Linkedin Page by clicking this link.