Any company that has patents could be worth a lot. It is possible to use them to create new streams of revenue for the business. To remain profitable, patents need to be managed well. Some of the best practices for patent management will be described in this post, including how a Patent Attorney can be a game-changer for your business.
What does patent law mean and how do businesses use it?
Every country has patent law, the aptly-named legislation that governs patents. Inventors with patents have the exclusive right to make, sell, and license their inventions. They are an asset for any company because they protect business methods, offer an additional revenue stream through licensing deals, and can be used as a guidebook & reference for research into future product design. And yet, without attention to the documents that protect them, your products could become worthless.
In the United States, patents are registered through the U.S. Patent and Trademark Office (USPTO).
Make Your Patents into Business Asset
From patent application to registration, there are 2 chief ways you can give your inventions a greater ROI: save costs with the help of a patent lawyer, which is explained in better detail at https://www.thomassaboanhangeronline.com/houston-patent-services-houstons-experienced-patent-law-firm/, and increase revenue with a patent portfolio.
In the long run, the savings in cost will be worth it if you decide to work with a patent attorney. As a new inventor, you won`t have to bear the weight of wasted filing fees due to rejected patent applications.
Many successful inventions are each covered by an entire group of patents. Inventions with patent portfolios are often protected by both of the 2 main types of patents: design patents (aesthetics), and utility patents (functions and mechanisms).
The additional protection afforded by a patent portfolio can give you advantages in crowded marketplaces: the law allows you to enforce your advantage over the competition.
Technology companies such as Apple even have a distinct patent portfolio or patent system for each of their products, due to the intricate technology that makes their products as classy and distinctly “Apple” as they are. They have more power in patent battles because unauthorized imitators won`t get impunity when they`re punished.
Some patents can also be used strategically for marketing purposes, as some patents may have a much more desirable effect than others in terms of the long-term profit potential they offer you and your company.
Patent Licensing Revenues
Another way to turn your patent into an efficient profit center is to license it. You can generate income off others` legal use of the patent while still having full rights over it.
Licensing patents will allow you to leverage other people`s R&D investments and give them access to products or methods that may have taken years or even decades for them to develop themselves. Also, when it comes time to bring your product to market, you`ll have less competitors! Heck–instead of competing with your competition, why not collaborate with your competition?
Patents turn into profitable assets when you sell them outright rather than try and recoup the investment in patents.
Generally, inventors can have a protected patent for no more than 20 years from the date granted, including a few mandatory maintenance fees. To obtain and maintain patent protection, inventors must continuously disclose all information known about their invention as soon as it becomes available so that the public will have knowledge of the existence and nature of this new technology.
Patents are typically employed at the final stage of development, at the point when you`re ready to sell your product. New patent applicants must consult a patent attorney so they are best prepared for success, as Houston Patent Services: Houstons Experienced Patent Law Firm - Thomas Aboan Hanger Online elaborately outlines.