Exclusive patent protection could be valuable since it gives your organization the exclusive right to use and commercialize the invention for up to 20 years from the date of application. Furthermore, patent protection can provide:
Powerful market position: With those exclusive rights, you can restrict anyone from exploiting your protected invention for commercial reasons, lowering competition pressure and giving you potential advantage in the market.
Higher profits from investment: If you have invested an extensive amount of money and effort in developing a creative product, you can commercialize the invention with the exclusive rights provided and profit more from that investment.
Opportunity to sell or license the invention: If you are unable to commercialize the invention, you can sell or license the right to do so to another company. The means of licensing used – that is, using a patent to collect payments by licensing the invention to another company having commercialization capabilities. This strategy not only saves you money, but it also provides you with a source of income from your creation or that of your employees without requiring you to invest in promotion.
Increase your negotiating strength: If you are negotiating the rights to use a design from another company through a license contract, the patent document will provide you more power to negotiate. That is, your patent application indicates your company’s strong interest in the subject of discussions and the prospect of an exclusive exchange license deal. Your company and the other company can trade inventions.
Create a positive image for your business: Patent assets can be viewed as a reflection of specialized knowledge, specialization, and industrial capability by business partners, investors, and shareholders. This can help you raise funding, acquire new business partners, and increase your company’s market value.
