Why Does Your Business Need A Patent

Your invention of any kind is your brainchild. You have invested hours or years to create that product, design, or formula. This creation is new in the market and the good news is that the market is realizing its worthiness. Your business is growing day by day depending basically on that creation of yours; so, you have every right to keep your innovation protected from external or internal threats. This is where the patent becomes relevant. This is a legal process of gaining property right of any invention. Simply, it’s a legal protection that no one can use your design, idea, formula, or anything else without your permission for a particular tenure. In the USA, there is the United States Patent and Trade Mark Office (USPTO) that controls all matters related to patent and trademarks.

There are many advantages of having a patent when you are selling your invention in a market:

·       It leverages your business making it easily distinguishable in this fiercely competitive market.
·       It protects your business from all kinds of internal and external threats as no one can imitate your product, service, or anything that you market.
·       It stops all sorts of unethical practices that can lower the brand value or demand for your product or service.

Apart from the marketing perspective, the patent has several other advantages:

·       You become the owner of a unique brand that’s a matter of pride for yourself and your employees.
·       Your business gains momentum from every aspect, lots of investors start showing interest in your business.
·       You may require showing the patent’s right documents while applying for a business loan in reputed banks.

There are some rules and regulations that you need to know while applying for a patent. There are three different kinds of patents, viz. utility patents, design patents, and plant patents. All these categories have respective legal definitions and tenure for which you enjoy patenting rights.