Nulepen.com

A patent is a concession granted to an inventor. It grants them exclusive rights to:

1. Produce an idea

2. Sell ​​an idea

Both are allowed for a specified period of time. During this period, the inventor is protected from other people and companies because no one is legally authorized to create the patented product or to sell it. In other words, a patent guarantees that the only individual who will benefit from the idea is the creator.

As long as the patent is valid, the inventor can grant another company the license to manufacture the product as stated in the agreement. This path is generally taken by the patent holder when he does not want to sell the item on his own.

In simpler terms, a patent gives the inventor control over:

1. How to do it?

2. How to use it?

3. How to sell it?

Pros and cons of filing patents

To truly make an informed decision, a person must know the advantages and disadvantages of the patent application. Once the drawbacks and benefits are clear, it can be decided whether patenting a creation is the right choice or not.

• What are the limits of patenting?

1. The biggest drawback of a patent is the full disclosure of the invention. Since the public knows all the technical information, anyone can reproduce it. This is why some creators prefer to keep data a trade secret.

2. The patent filing process is not only time consuming, it is also lengthy. In some cases, the granting of the patent can take years, which means that there is a high risk that the market will change and the technology will become obsolete.

3. Filing a patent carries the threat of lawsuits. Competitors tend to file a case to invalidate the patent. Other creators can file a lawsuit claiming that the new patent infringes on their rights. In extreme cases, people can even claim damages or injunctions, which take time and money.

4. The protection granted by a patent is not absolute. A competitor can still reproduce the invention and present it as their own. In such cases, the original inventor must be ready to defend the patent, which requires hiring an attorney and investing more money.

5. A patent is limited to one country: the nation where it was filed. To produce, sell or market the same invention in other countries, it must be patented in each of them, which requires different applications.

6. The language of the patent is crucial and difficult to get right. If it’s too broad or too narrow, you can allow other companies to replicate the idea with just small changes. Even a single variation would do the replication, not in violation of the patent.

7. Generally, a patent lasts for 14 to 20 years. Therefore, the patent owner only has this period to benefit financially from the idea. Once the patent expires, anyone can start selling the product.

• What are the benefits of patenting?

1. â € ‹â €‹Most of the time, inventors need financial backing to sell their idea. This requires asking investors for capital, exposing them to the threat of idea theft. If they have applied for a patent beforehand, they have the guarantee that no investor can steal their creation.

2. A patent offers the person a monopoly on the market. Since they are the only ones who can make, distribute, sell, import and export the idea, they can make a lot of profit. No matter what markup the item sells for, people will buy it because it is the only one on the market. The economic benefit of patents is the greatest attraction.

3. Let’s say an inventor knows how to improve an existing product and make it better. In this circumstance, the inventor can file a patent to ensure that the manufacturer of the original product does not improve it and start selling.

4. Generally, the person who owns a patent can apply for a premium to produce the invention because there is no similar item on the market.

5. If the creator does not want to manufacture the discovery, he can sell the license or the patent itself. In this case, the inventor will get a royalty for each sale that is made. This is a particular benefit for those who do not have the time or money to commercialize the invention.

6. For small businesses, a patent may be the only thing prompting them to expand. Many investors agree to contribute capital if a company is entitled to a patent.

7. Not just small businesses, but all businesses benefit from patents because they increase the credibility of the business together with the inventor.

Food to go:

When one contemplates the pros and cons of patent filing in India, the profit side wins out completely. Still, it is recommended to consider each factor carefully. Consider whether the benefits outweigh the challenge of applying for a patent. For a start-up, it can mean a lot of cost and complexity, but it can also be the stepping stone to success. For a single inventor, it can amount to years of legal work with no return on investment. In the end, the question is it enough to make the knowledge public and get full legal rights to the idea?