There’s nothing quite like inventing a product that goes to market and becomes successful. Not only do you get to see your own genius in action, you get to know the fact that you’ve created something that solves everybody’s problem. Let’s add the bonus day that you’re also going to earn quite a lot of money from it if it’s going to be successful. If you have invented something, you should patent that invention immediately.
Patents can take a long time to process and cost a lot, but you should do it anyway. When you look at outsourced product development, you can bet that the company that does that for you will have patented the machinery and their ideas. You need to do the same. Here are all of the reasons why you should patent your invention the moment you drop the plans.
- Because they’re always copyright thieves. It’s so hard to convert an idea to market with a brand-new product or service. You need to be able to share your concept with investors and other partners, but you don’t want anybody to steal that concept or idea and use it as their own. You have a vision for your products, you have created this of your own volition, and you are proud of your creation – why wouldn’t you protect it? Copyright can kill your business idea, and it can also make you feel as if you worked hard for nothing. Don’t let somebody else take it from you.
- You get to protect your ability to do business. If you don’t patent the invention, somebody else is going to copy it, enter the market and patent it themselves. You will have competition in the market this week, and you could also lose the right to compete if that person files a patent for the product before you do. All of your efforts and your money will be wasted if this happens, and you really don’t want that to be the case.
- You can increase your market position. Did you know the pattern to design will allow you to increase your market position? If you have a portfolio, you’ll prevent other companies from competing in your specific space. This will allow you a much better market position and the competition will be much lower. This will help you to gain a better return on your investment for your business as a result.
- You could get licensing fees. If you patent your idea or product, other people would be able to turn your idea into a commercial commodity. Doing this allows you to have licensing fees for using your concept, which means you are earning money on it.
- It makes you look good. If you go through the process of putting your portfolio, it can show that you have technical expertise and the commitment to invent something. Your partners and investors will really appreciate this and they may want to work with you in future. It takes time to pass on your products, but the benefits of this are massive.