Advantages of patent for your invention
Owning an intellectual property has some similarities with owning any other form of tangible property like a real estate. So, what are the advantages of having a real estate property on your name?
- You can rent it
- You can sell it
- You can stop others from using the real estate without your permission
- You can use the real estate for your purpose (business or residence)
on similar terms, patent is an intellectual property and has all the advantages stated above, but you need to claim it to be on your name, hence it is important to file of patent application for your invention. and there is a difference though, unlike real estate the patent has the term of 20 years of ownership.
Advantages of getting patent would be
- You own exclusive rights for patented invention for given time (20 years from filing of patent application)
- You can use it to build a business around patented invention and not worry about competition
- You can rent it (in this case license the patented invention) to existing businesses
- Exclude others for using, selling, offering for sale and importing your patented invention in India
- You can completely sell the patent to other company
hence this gives a unique advantage to patent owner which can be leveraged for have a complete monopoly and competitive advantage from competition and in certain cases having patent may also help in raising capital for business !!!
Imagine what it would be like when:
Most people mis-believe that, Patents are given to only ground breaking (landmark) and complex invention that changes the world, which is not true !!!
In reality the patents are also granted to incremental inventions !!! Inventions that have novel solution to a technical problem, may that problem be small (but significant to form an inventive step and clear non obviousness test).
What that means is, most of the part of your solution may be already known to public (that is available in the market, patented or published in journals) but you might have come up with something (an inventive step) that is not an obvious solution to normal person skilled in that domain and solve a very small problem in existing solutions. In this such case the inventor still can win patent for his invention if other patentability criteria’s are mate by his invention
Many inventors getting discouraged by seeing something similar to their invention in the market, published or known to public... what they fail to realize is they may still have novelty and inventive step in their invention although apparently it looks similar to things already known to public.
Don’t get discouraged if you see things already in the market, published or known to public which are somewhat similar to your invention... You still may have something in your invention that can win patent.
This is beautifully explained in our section on “Idea incubation phase”.