Do I really need a Patent ? is it worth the investment ?
Well, you think about it all the time, when you are in deciding phase.
- is patent really for me?
- is it really worth the investment?
- what if I don’t go for patent and use that money somewhere else or in growing my business ?
Fair question, the basic reason behind asking this question is whether you will be able to get the return on investment that you are considering to do for patenting your invention. Now, to answer this in most simplest possible way, let’s take an example.
Lets imagine a scenario; you are a business owner or a professional and you are continuously being challenged with different problems in your business on daily basis,
while doing that you happened to come up with an innovative solution for your business. The solution has a commercial value in the market.
Let's go fast forward and your company is successful because you have implemented that solution in your business and you are enjoying the success of that particular solution.
Now, what happened the competitors will jump in and they are there to compete with you.
so they will take your product for your innovative solution what you have designed they will reverse engineer it and then they will:
- try to beat you on prices
- will try to beat you on quality may be telling a low quality product at cheaper price and
- they probably will try to beat you on scale production
competitors would do whatever the things possible for them to compete and capture your market share. And ultimately even though you are the inventor you are the creator of that solution you have you are the person who first made that innovative idea and worked on it and bring that solution to life, still you end up on losing side.
and we have seen this happening to business around us, as they came up with some new strategy, innovative ways to do something and every competitor copy that and start competing with them and the progress made again comes back to square one.
All the competitive advantage and potential of making significant profits with your innovative idea goes waste. And you don’t have any option but to give in to ever growing competition and loose.
Compare this situation with another situation, where you have filed a patent application for innovative idea and you got patent granted for it.
Now the situation is different, the competition cannot directly compete with you as patent gives you exclusive rights. “the right to exclude others from making, using, selling, importing or offering for sale your patented invention without your permission”
in this case, you yourself can calculate the return on investment for your invention.
It is most likely going to be very high potential of profits with your investment in going for patent for your innovative idea, provided your invention has commercial potential and you as an inventor or the owner of the invention has the ability and skills required to commercialize the patented invention, and in process make significant money for your research and development efforts.
Another example to illustrate this,
Do you know age of empires ? a mythological game ?
what will happen if a player or kingdom only focuses on financial growth of country and completely ignoring building walls castles and army… ever made that mistake while playing? soon you would be attacked by nearby kingdoms and their army would destroy you. And there is a lesson to be learned from it.
Of course making financial progress and business growth, bringing new clients and more profits is important.
However, it is more important to protect your business with intellectual properties like patents, trademarks, copyrights, trade secrets etc… which ultimately would be protecting your future profits from the ever growing competition !!!
Now, all of these examples we have seen from a business owners or entrepreneurs perspective however the inherent advantages and benefits of having a patent for your invention stays the same even though you are a student, working professional or employee or research and development person.
So, whether to go for patent or not is a decision that should be based on facts and not to be decided on opinions or misbeliefs. Check the commercial potential of your innovative idea and if it looks worth it, then only proceed with patent filing process. hopefully you got clear opinion about the question do I really need a patent or is it really worth it...
Let’s consider what are the advantages of getting a patent protection for your invention.