Patents are a valuable asset for any company. They can be used to protect and generate patents which in turn provide an additional revenue stream. In order for patents to remain profitable, they need to be actively taken care of. Some of the best practices for patent management will be described in this post, including how a www.cfldomestic.co.uk can be a game-changer for your business.
How are businesses using patents?
Patent law is the body of laws and regulations that govern patents. Inventions can be patented, giving inventors the right to make, sell, and license their inventions. They are a valuable asset for any company because they protect business methods & unique product mechanisms from competition, offer an additional revenue stream through licensing deals, and can be used to guide future research efforts. And yet, without attention to the documents that protect them, your products could become worthless.
In the United States, patents are registered through the U.S. Patent and Trademark Office (USPTO).
How to Turn Your Patents from Liability into Asset
From patent application to registration, there are 2 chief ways you can give your inventions a greater ROI: save costs with the help of a patent lawyer, which is explained in better detail at Houston Patent Services: Houstons Experienced Patent Law Firm - Thomas Aboan Hanger Online, and increase revenue with a patent portfolio.
In the long run, the savings in cost will be worth it if you decide to work with a patent attorney. By getting it right the first time, you`ll avoid the onslaught of needless expenses that come from patent application rejections.
To increase revenue, your invention can be covered by not just one patent; they can be covered by an entire portfolio of patents. This is possible if you patent not only the content and design of your invention, but also its use and methods for how it`s used or manufactured; for this, there are design patents, and utility patents.
Patent portfolios are usually more efficient than single patents because they protect your invention from many different angles, whereas a single patent only protects it from one point of attack. With this protection, you have the option to enforce if someone is violating your patents. They allow you to take the fullest advantage of intellectual property law.
Technology companies such as Apple even have a distinct patent portfolio or patent system for each of their products, due to the intricate technology that makes their products as classy and distinctly “Apple” as they are. They have more power in patent battles because unauthorized imitators won`t get impunity when they`re punished.
Some patents can also be used strategically for marketing purposes, as some patents may have a much more desirable effect than others in terms of the long-term profit potential they offer you and your company.
Licensing Your Patents
Another way to make your patent make money is through licensing. Licensing is lucrative, because when you authorize others to pay you to use your patent, new revenue streams can be found because the licensees` help can open you up to new audiences and markets.
Patent licensees will quickly gain an advantage, having access to turn-key products & services they can reap the benefits of right away. This means there`ll be less competition when it comes time for distribution too! This is all possible because you get to work collaboratively, not competitively, with your competition.
Patents turn into profitable assets when you sell them outright rather than try and recoup the investment in patents.
Generally, inventors can have a protected patent for no more than 20 years from the date granted, including a few mandatory maintenance fees. One requirement for successful patent registration is that an inventor publish their invention and its details, so the general public knows about the new technology.
Patenting usually comes at the finish of product department when the product is ready for primetime. New patent applicants must consult a patent attorney so they are best prepared for success, as Directional Letting elaborately outlines.