The Importance of Patents in the Business World

The Importance of Patents in the Business World


When you invent, create or produce something you want to then monetise, getting a patent on this is very important. However, it’s not always that clear why this is the case.So to help make this clearer for any would-be or current inventors, below you can find out a selection of reasons why patents are key to ensuring you can legally get the rewards you deserve from your efforts.

The Rights are Exclusively Yours

Patents make it legal and official that you are the inventor of said product, item or idea and it then excludes anyone else from using this or offering an equivalent version. In other words, no one can use your idea and if they do they’re breaking the patent law.

Licensing and Selling Rights are Yours

In addition to this, if you want to sell your concept or licence the rights of it to others for commercial gain, with the right patent in place this is something you can do.

It Increases Trust

From a consumer perspective, having a patent can really matter as it instils a sense of trust into buyers that what they are getting is a legitimate and innovative product. If you put yourself in the shoes of your customers, the chances are you wouldn’t want to invest in a new product if it could well be created and sold elsewhere, potentially for a lower price.

You Gain More Profit

Ultimately, one of the biggest positives from having a patent is that you can gain more profit. This stems from the above points in that, being able to prove you have created your idea, build trust with customers and potentially franchise it opens up a variety of different revenue streams.

Additional Advice

The patent application process can be difficult – particularly if you are new to it – but fortunately you can get additional support from companies like Withersworldwide should you feel you lack the expertise to get your patent completed and legal.

Equally, these types of companies are useful if you feel like your patent has been infringed upon and they could also provide you with legal advice regarding what to do in such a situation.

So, don’t leave things to chance with your creation, get the patent you need to make sure it is both protected and something that brings you the financial gains you really want from the time, money and effort you’ve so far invested in it.