If you have invented something, you should patent your inventions immediately. Patent takes a long time to process and costs a lot as well. Still, you must do it. Here are the reasons why.
Protect against copying
It is very hard to convert an idea to market your product or service. You will need to share your concepts with investors and other partners so that you can get your idea to the market. By having a provisional patent, no one will be able to steal your idea or concept.
Protect the company’s ability to do business
If you don’t patent your invention, someone will copy it and enter the market with your product. So, you will have competition in the market. You may also lose the right to compete if that person files a patent for the product. If this happens, all your efforts and money will be wasted.
Increase market position
If you have a patent portfolio, you will increase the market position by preventing other companies from competing in your specific niche. You will thus get a better market position, and the competition will be low. So, you will get a good return on investment for your company.
Get licensing fees
You may not be able to commercialize your concept finally. But there might be others who have resources to turn your idea into a commercial commodity. Your company can then get licensing fees for using your concept.
If you have a patent portfolio, it shows that you have a technical expertise and the commitment to inventing something. Investors and partners will appreciate it and might want to work with you.
Patenting products take time and resources, but the benefits of it are huge. Even if it’s hard for you, it is important that you get a patent for your invention.