Throughout history, patents have remained extremely important for those with original ideas. While patent law in the United States was first enacted in 1790, things have changed a lot since this time. In fact, statistics gathered from the United States Patent Office shows that they now receive six times the applications for patents as it did in 1980. With that in mind, it’s important to know how important it is to have your inventions or ideas patented. Considering that, here are three reasons why you need to protect your inventions with patents.
- Having Ownership Over Your Ideas
After completing the patent process, you’ll have rights to whatever you’ve obtained ownership over. Therefore, having a patent protects others from obtaining profit from your idea. There have been more than several situations where two people had likely thought of the same idea. However, the person who is able to profit from this idea is the one who is first able to patent it.
- Provides Proof of Ownership for Potential Investors
An essential part of many inventions is being able to participate in crowdfunding campaigns. During these campaigns, you can advertise your idea to the internet. In exchange, successful campaigns receive donations. While seeking additional funding to increase the reach of your invention, never underestimate the power of crowdfunding. However, you’ll need to have patent protection in order to provide something you own that is truly unique.
- Ability to Sell Product to Other Companies
Many inventors have gone on to increase their wealth immensely by partnering with other companies. For instance, the internet has increased the need for customer relationship management systems. Therefore, these companies have seen immense growth from their products. In a similar manner, your invention can become extremely valuable for other businesses. If you don’t have some form of patent protection in place, it will be tough to have any proof that you have any ownership of your idea.
In closing, it’s extremely important to consider the importance of patent protection for unique inventions. With that in mind, it’s important to consider having the help of a patent attorney on your side. Statistics gathered from Lex Machina in 2016 found that there were 4,537 patent infringement lawsuits filed during that year. You’ll definitely want to have legal representation while facing the possibility of a patent lawsuit. Many inventors have worked with patent law firms to help ensure that their ideas remain protected.