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5 Reasons You Should Patent your Own Invention

5 Reasons You Should Patent your Own Invention

5 Reasons You Should Patent your Own Invention

Jun 27, 2019 BY Inventors Trust

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Patents are governmental grants to prevent others from making or selling your invention. Nevertheless, it is important to note that having a patent is not a legal requirement in order to sell your invention.

It will essentially prevent others from taking advantage of the invention without your permission. Now that you know the essentials of patents, it’s time for you to learn the five reasons you should patent your own invention.

1. You can license or sell the invention

It’s a valuable asset during negotiations. You’ve reduced the legal costs for the prospective company, allow you to benefit from asking for a higher royalty payment. In the end, most companies that are interested in buying an invention prefer that they be patented, in order to prevent infringing on another patent if they license your idea.

2. Exclusive Rights

If you’re not interested in selling your invention, the patent grants you exclusive rights to the product. You’ll be able to do anything you absolutely want pertaining to your idea, giving you the opportunity to exploit it as you please. It’s always great to have complete jurisdiction over your work.

3. Prevent or Reduce Competition

A patent equates to no one being able to produce the same product as you without your permission. Ergo, no competition. They will not be clear whether they can safely copy your product; causing them to not take on that risk.

4. Increase Company Value

Based on Point 3, you’re also able to increase the company value. A patent makes it extremely difficult for companies to replicate you. Therefore, financial analysts cannot calculate what it would to make a company like yours. Being the only head-honcho in town makes your value multiply!

5. Because You’ll Learn by Doing

You’ve got to realize that only around 2% of patents make it to the market. Yet, there’s a difference between you and the others: you won’t give up. The whole process to patent your invention will be worth your time because you will learn a lot of worthwhile information. Hence, if your first invention doesn’t make it big, you’ll learn from your mistakes for the next attempt!