| Having
a patent can give you or someone else a competitive
advantage. If you (or the company you work
for) invent something and get a patent, you
will have the right to: |
 |
Prevent
people from making, using, or selling the
invention (that includes people who independently
develop the invention after you do, as well
as copycats). |
|
Obtain
license fees from people who want to make,
use, or sell your invention, however, patents
by themselves do not necessarily result in
royalty streams. The invention or the products
incorporating the invention still have to
be marketed to customers, licensees or assignees
in order to make money. |
| On
the other hand, if someone else has a patent
that "covers" a product that you or your company
are trying to make, use, or sell, you might
find yourself in trouble,even if you invented
the product without any knowledge that a patent
existed. The person with that patent may be
able to: |
|
Stop
you from making, using, and selling your product. |
|
Charge
you with patent infringement, resulting in
a lawsuit or financial settlement. |
| Patents
are worth understanding. Here are some other
benefits of patents: |
|
If
you file for a patent early (and keep good
records of the development of your invention),
you can rest assured that no one else will
get a patent for your invention and be able
to stop you from making, using, or selling
it. |
|
If
you have a collection of patents (known as
a "portfolio"), you may have more leverage
to cross-license your invention with other
companies, giving you access to their technology
(and hopefully a competitive advantage). |
|
Patents
can be an important asset, and may increase
the value of your company in the eyes of potential
investors or buyers (an important tip for
aspiring entrepreneurs). Indeed, sometimes
just one good patent is the difference that
allows you to obtain capital. Ideally, investors
want to put their money in a company with
a product that is in high demand but has no
competition. That's what a patent can provide. |
| |
