In recent times, India has been a witness to a lot of technological development. Especially considering the number of innovative businesses that keep on growing each day. Patent filing is the best possible way for the creators of such inventions to protect their innovative ideas from being infringed. This article gives out 10 reasons why you should opt for patent filing today! However, first, let’s take a look at what exactly a patent means.
What is a patent?
A patent is a license that grants exclusive rights of usage and legal ownership to the owner of an industrially applicable, novel invention or innovation.
Benefits of patent filing
1. Exclusive ownership
Once you receive a patent grant for your unique and novel invention, you become the sole owner of the invention for a period of 20 years. That is a long time to have exclusive ownership over a scientific or technological invention. Further, when inventions are concerned, people will always try to infringe on your rights by creating their own sell-offs. However, exclusive ownership also helps you in creating a monopoly in the market for your product or service. This is one of the major benefits of patent filing in India.
2. Licensing Rights
Licensing of a patent is one of the best ways to earn profits. Let’s understand licensing from the example:
If Ram was the first person ever to invent ready-to-eat noodles. He patented his recipe for the same. Now, after the grant, he can license this recipe to brands like Knorr, Maggi, etc. in exchange for monetary consideration.
When it comes to patents on medicines, the Govt. of India also provides for compulsory licensing. As a result, it allows the preparation of medicines by many stakeholders at cheaper costs.
3. Attracts Investors
When you invent something that is patentable for a business, you tread on high chances of attracting better investment opportunities for your business. A patent grant is one of the most complex IP registrations available. As a result, it contains more value in the eyes of the investors. Having a patent grant or patent application under process shows the investors your sincerity and long-term plans for your business. Further, it also displays the authenticity and scalability of the business model.
4. Increases motivation of creators
All intellectual properties are the creation of the mind and hence require focus and motivation while the creation process. This is not similar to any of the other tangible forms of properties that are easy to purchase. Further, the other benefits associated with the grant of a patent application make it very easy to create a butterfly effect of motivation among creators.
5. Technological Advancement
Each time a patent in India is granted, we can say that we have moved a step ahead in technological advancement. Hence, when the number of patent registrations in the country increases, it leads to a profit from the technological advancement of the entire nation.
6. Global Protection
When you get a patent grant in India, you get the exclusive right of ownership over the patented product in India. However, once you apply for Indian Grant, you can also move forward with applying for the patent grant under the Patent Cooperation Treaty (PCT). By filing a PCT application, you can ensure that the patented technology or product is protected in not just one nation, but in all nations that are signatories to the PCT. so, by filing a PCT application in India, you can claim patent protection in multiple nations.
7. A strategy of defense
As stated above, the right to copy a patented innovation and use it lies with its original owner. Hence, in case of any infringement of your innovation or unauthorized usage, you can protect your mark. The registration of a patent, or even a pending patent status is a way up in the strategy of this defense. In case of infringement, you will be free to use the certificate as legal proof of ownership and claim for damages, destruction of infringing copies, or even, infringement.
8. National Growth and Development
The government of India takes a lot of initiatives to support technological advancement in the nation. Startup India registration, patents, etc. are ways of the national government to promote technological development. The more our nation is developed technologically, the higher the national growth and development. Hence, the grant of a patent is put on such a high pedestal. Because it not only brings growth to your business but also to your country.
9. Increases Brand Recognition
To invent something innovative is a huge thing in India. The patent holders are subjected to high prestige and value, not just by the government but also by the other stakeholders. This leads to a lot of brand recognition and prestige. Actually, this not only affects the brand reputation but also the personal reputation of the patent holder or its original owner. It becomes a part of the individual or group’s goodwill in the market.
10. Deter the Competitors
When you have opted for the grant of a patent, it automatically discourages your competitors from taking steps to copy your invention or innovation. As, once you file the patent application, be it provisional or a complete application, you can start using the ‘patent pending’ symbol with your product, to ensure that protection is applicable. Patent registry works on a first come first serve basis. As a result, the most ideal way to deter competitors from using your new technology is to file a patent application as soon as possible.
Conclusion
From the 10 above reasons, it becomes quite evident how advantageous a permanent patent registration process actually is. Hence, you must not wait too long, and take help from online certified experts, who are duly authorized to help you out with the grant of patent for your invention.