Why should inventor consider patenting his invention?

Before you decide to move forward with patenting, it is critical to first evaluate your idea as a viable business opportunity. This means understanding your product, your target market and your future competition. If your invention does have a market potential, then for sure it is worthwhile to consider patenting it.

 

There are several reasons for patenting,  here we give the most important:

 

  1. Acquisition of Exclusive rights: Patents provide inventors with an exclusive right to prevent or stop others from commercially exploiting an invention for twenty years from the date of filing of the patent application.
  2. Return on investments: Having invested a considerable amount of money and time in developing innovative products, through exclusive patent rights inventor can establish his or her position in the market as the pre-eminent player and can obtain higher returns on investments.
  3. Opportunity to license or sell the invention: If one chooses not to exploit the patent at his own, he may sell it or license the commercialization of the patented invention to another enterprise, which could then be a source of income for inventor
  4. The increase in negotiating power: If particular company is in the process of acquiring the rights to use the patents of another patent proprietor through a licensing contract, enriched patent portfolio will enhance your bargaining power. Patent portfolio may prove to be of considerable interest to the enterprise with which there are negotiations, and one could enter into a cross-licensing arrangement (two enterprises agrees to license respective patents to each other)
  5. Positive image for an enterprise: Business partners, investors and shareholders may perceive patent portfolios as a demonstration of the high level of expertise, specialization, and technological capacity within company with patents. This may prove useful for raising funds, finding business partners and raising  company’s market value