Any company that has patents could be worth a lot. They can be used to protect and generate patents which in turn provide an additional revenue stream. However patents need to be managed efficiently to ensure they remain profitable. Some of the best practices for patent management will be described in this post, including how a Patent Attorney can be a game-changer for your business.
What does patent law mean and how do businesses use it?
Every country has patent law, the aptly-named legislation that governs patents. Inventors with patents have the exclusive right to make, sell, and license their inventions. They are an asset for any company because they protect business methods, offer an additional revenue stream through licensing deals, and can be used as a guidebook & reference for research into future product design. However, patents need to be managed efficiently, so your business`s products don`t become worthless due to lack of attention to the documents that protect them.
The U.S. Patent and Trademark Office is the place to register patents in the US.
How Patent Law Can Generate Revenue for You
From patent application to registration, there are 2 chief ways you can give your inventions a greater ROI: save costs with the help of a patent lawyer, which is explained in better detail at www.directionalletting.co.uk, and increase revenue with a patent portfolio.
In the long run, the savings in cost will be worth it, even though patent attorneys may seem expensive upfront. You won`t have to waste thousands on rejection after rejection.
To increase revenue, your invention can be covered by not just one patent; they can be covered by an entire portfolio of patents. This is possible when you patent not just the content & design of your invention (design patents, as they`re known in the United States), but also its use and methods for how it`s used or manufactured (utility patents).
Patent portfolios are more effective overall than a single patent because they protect your invention from many different angles. It gives you options if someone is violating your patents. In this way, you`re making the best use of the intellectual property laws that are available to you.
Apple develops entire patent portfolios or patent systems for individual products in order to maintain their branding. This gives them a clear advantage in fighting patent infringement, so an imitator wouldn`t be able to copy their patents with impunity.
Some patents can even be used as marketing devices, automatically giving your marketing campaigns a clear advantage in long-term revenue potential.
Licensing Your Patents
Another way to monetize your patent is generating revenue from licensing. Licensing patents can be an excellent way to monetize patents while still retaining some rights in the patent.
Licensing patents will allow you to leverage other people`s R&D investments and give them access to products or methods that may have taken years or even decades for them to develop themselves. Also, when it comes time to bring your product to market, you`ll have less competitors! You`ve already tried hard enough to compete with your competition, so how about collaborating with them instead?
You can also make a profit by selling patents, rather than just utilizing them while you own them to get a return on your investment.
Generally, inventors can have a protected patent for no more than 20 years from the date granted, including a few mandatory maintenance fees. One requirement for successful patent registration is that an inventor publish their invention and its details, so the general public knows about the new technology.
Patents are used primarily at the end stage when you`re ready to start marketing your product/service. A patent lawyer from Directional Letting is a more-than-necessary source of help when it comes to avoiding the heartache and lost money of rejected patents and unprofitable ideas.