Why Getting a Patent for Your Invention Matters

Inventing something is a huge accomplishment. No matter how simple your invention, if it benefits people, you should protect it. One of the best ways to do that is by getting a patent with the help of a patent lawyer. Here are four good reasons why you should move to file for a patent sooner rather than later:

● You are granted exclusive rights to your product.

If you have invented something, protecting your exclusive rights to the invention before anyone else does is really important. When you apply for a patent with the help of a patent lawyer, you’ll be granted exclusive rights to your product for up to 20 years from the date of filing, so that no other individual or business can use or copy it without your permission during that time. If they do so, you can file an infringement lawsuit against them in federal court for infringing your patent.

● You get to make money off your patent.

Sometimes an inventor can use the patent to start producing a product and own their own business. This might work for some inventors, but as experienced patent lawyers we know that a lot of inventors just want to keep inventing instead of running a business. For inventors in this situation there’s an option that allows them to make money without having to run a business. This option is known as licensing a patent. When an inventor licenses a patent they work out a deal with a manufacturer or distributor which allows them to use the patent to make and sell the product. In exchange for access to the patent, the inventor will get paid money known as royalties. Licensing a patent is a great way for inventors to make money and still have the time to keep inventing.  However, creating the patent licensing agreement is not a DIY legal job so be sure to secure the legal expertise of a patent professional like the lawyers at Parsons & Goltry.

● It gives you more credibility.

If you choose to build a business around your invention, owning the patent to that invention will give you more credibility than a competitor who doesn’t have a patent. Patents are effective marketing tools that help create a positive image for a product and brand, so make sure you work with a good patent lawyer to secure your patent before starting your business.

● You easily attract investors.

Turning your invention into a sellable product can be challenging, especially as a startup. This is when you’ll need the help of investors to fund your business, but these investors and shareholders can be challenging to convince to invest in a startup. Having a patented product will help persuade these investors that you take your business seriously and have taken the proper steps to protect your invention with the help of a credible patent lawyer.

Of course, you must keep your business one step ahead of your competitors. In a time when many businesses are looking to edge out the competition, you need to protect the rights to your invention through a patent. By hiring a patent lawyer, you will be able to file for patent protection. And once your product is patented, you can be more confident in showcasing it to the public without worrying that someone else will copy it and profit off of it without your permission.

If you’re anywhere in the world, get in touch with Parsons and Goltry, PLLC, so you can work with Phoenix’s most experienced patent and trademark attorneys in securing your patents!