When you are running a business, part of your goals should always be to improve your product, your processes, and the overall function of your business. But when it comes to protecting your innovations from competitors, it can be a little bit tricky to understand the process. Is your innovation covered, simply because you can prove you came up with it? Or do you need to file for a patent?
What is a Patent?
A patent is the right of ownership bestowed upon an inventor and the power to bar other parties from using, distorting, or copying the discovery without consent. Filing for a patent is essential for a few different reasons.
The main purpose of patents is to prevent competitors and fraudsters from copying the innovator’s novel idea. Inventions require a lot of research, time, commitment, and finances. Protecting the discovery can give the innovator the opportunity to recoup the costs incurred in developing the design, product, idea, or theory.
Patents can also encourage inventions. If you knew that anyone could take your work and use it for their own gain and purposes, even if that went against your benefit, would you be likely to work as hard on creating something new? Probably not. Patents protect your creativity and encourage competition among different groups.
Protecting Intellectual Property Rights
There are two different main types of intellectual property rights. The first is industrial property rights, which comprises trademarks, patents, industrial designs, or trade secrets. Copyrights, the second type of intellectual property, covers literary works, artistic work, music, films, plays, paintings, architectural designs, and photographs.
With the advent of digital inventions, you can patent database inventions, such as IP addresses or software. Patenting of fashion designs, branding rights, plant breeders’ inventions, or scientific discoveries can prevent the financial ruin of your company. Don’t forget, if you don’t take proper precautions, you don’t have any recourse if someone takes your creation and profits from it.
Filing for a Patent
To obtain a patent, you should seek the guidance of an intellectual property lawyer to take you through the patent application process. The patent application will involve written explanations of your discovery as well as the mechanics or procedures by which your invention works.
Applications for patents must state how your idea, design, or device is unique. Typically, the granted patent will last for 15 to 20 years. Filing for a patent can help you to benefit from the fruits of your wonderful invention.
It’s important to realize that, no matter what your idea is, you need to protect it. It may be a long process, but in the end, it is definitely worth it.
