A company`s patents are an asset. It is possible to use them to create new streams of revenue for the business. 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 does patent law mean and how do businesses use it?
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 a valuable asset for any company because they protect business methods & unique product mechanisms from competition, offer an additional revenue stream through licensing deals, and can be used to guide future research efforts. 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.
In the United States, patents are registered through the U.S. Patent and Trademark Office (USPTO).
Make Your Patents into Business Asset
Saving costs with the help of a patent lawyer, for example Houston Patent Services: Houstons Experienced Patent Law Firm - Tree Surgeons 4 London, is one of the ways you can give your inventions a bigger return on investment; another is finding new ways to monetize your patents.
Patent attorneys (or patent agents) may set you back a seemingly big fee, but in the long run, the savings in cost will be worth it. You won`t have to waste thousands on rejection after rejection.
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).
Patent portfolios are usually more efficient than single patents because they protect your invention from many different angles, whereas a single patent only protects it from one point of attack. It gives you options if someone is violating your patents. They allow you to take the fullest advantage of intellectual property law.
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.
Some patents can even be used as marketing devices, automatically giving your marketing campaigns a clear advantage in long-term revenue potential.
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.
Patent licensees will quickly gain an advantage, having access to turn-key products & services they can reap the benefits of right away. Also, when it comes time to bring your product to market, you`ll have less competitors! 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.
How patents work: A patent is a set of exclusive rights granted by government to an inventor for a limited period of time – normally no more than 20 years from date granted (including several maintenance fees over this term) – to exclude others from making, using or selling their invention without permission. 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. A patent lawyer from Houston Patent Services: Houstons Experienced Patent Law Firm - Thomas Aboan Hanger Online is a more-than-necessary source of help when it comes to avoiding the heartache and lost money of rejected patents and unprofitable ideas.