Patents are great, but they are not a must in order to fight counterfeits. Thousands of products sold today are not patented, and are not even patentable. This is not to say they cannot be commercially successful, and it also does not mean that they cannot be protected. There are alternative intellectual property protection strategies, such as filing for trademark or copyright rather than a patent.
However, some inventions result in products or processes that are patentable. In these cases, patents may prove to be valuable tools, vital to your intellectual property protection strategy.
Patents Protect Innovation
Patents are tools to protect innovation. Utility patents protect the way a product works, while design patents protect the way a product looks, and there are also the less used plant patents. A patent gives the inventor exclusive rights, for a limited term of up to 20 years, to stop others from making, using or selling the inventor’s product without the permission of the inventor. When a patent is granted, the invention becomes the property of the inventor.
The Benefits of Patent Protection
A patent, like any other form of property or business asset, can be bought, sold and licensed. If you want to license your product, a patent may prove to be a valuable asset as it reduces risks, and grants legal and commercial protection.
Patents also give a competitive advantage over others who may want to copy or exploit the invention. It also grants protection by law that can be enforced if someone infringes on your rights.
The benefits of patents:
- Exclusive rights which allow the inventor the sole use of the invention
- Competitive advantage and strong market position
- Ability to enforce rights
- Reduced risk of IP infringements
- Allows to sell the invention or license it for royalty and revenue
- Attractive for partners and investors
- Patent Territory
Patents can support your business expansion abroad and into the digital world. Therefore, it’s important to be aware of the fact that a patent in one country does not secure your rights outside of this country. There is no such thing as a single patent that protects you in every country in the world. Although the conditions of patentability are generally universal and the differences are minor, to have protection in countries where you manufacture or sell your products, you need to obtain protection in those countries.
However significant the benefits are, patent protection may prove to be expensive and time consuming. Therefore, it’s important to determine the costs and advantages of registering a patent, and where to register it.
After analyzing the situation, it’s time to decide how to proceed in light of your business strategy, business objectives, and expansion into target markets.
Wiser Intellectual Property Protection
Wiser Market offers brand protection services to safeguard your intellectual property rights online.
How is that done? Wiser Market uses advanced technology to scan the internet and detect unauthorized use of your patent or other IP rights on marketplaces, websites, social media and apps. After further analysis and approval, we move on to enforce your rights by removing patent infringements.
Our superb intellectual property protection makes patents a great tool for stopping infringers and mitigating damages, protecting your brand online.
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