Inventing a new product can require a significant amount of money, time and effort; therefore, those working on the project need reassurance that their research and development resources and efforts are protected. Patent law is a legal area that is concerned with protecting the intellectual property of inventors.
While the benefits of patent law for the individuals and companies who invent products may seem obvious, it is important to acknowledge that the patent system also encourages research and development and promotes the innovation of technology so that people will feel free to invent and find better ways to solve problems.
The Purpose Of A Patent
A patent works to safeguard an invention. It serves to protect a design, product, or process that meets certain specifications pertaining to its utility, originality, suitability and practicality.
It gives the inventor the right to use, manufacture, sell, or import the invention for a prescribed period and provides the investor with a way to enforce their rights if someone attempts to or does replicate their invention.
The Importance Of Patent Law
Here is a closer look at the ways in which patent law is important.
Patent Law Protects Research And Development Efforts
This enables them to make informed business decisions regarding allocating research and development pursuits, and reducing their risks to raise their chances of a successful rollout. It also protects venture capitalists and other investors who have provided significant economic resources to the project.
Patents Provide Exclusive Rights
Through a patent, the exclusive rights to their invention is given to the owner; this is to prevent others from taking advantage of their creative ideas. The patent owner has the power to decide who can use the invention for the period during which it is protected by the patent within the country where the patent is granted. It is made clear that importing, creating, selling or using the patented invention without the owner’s permission or approval will have legal consequences.
It Can Help A Company To Raise Funds
Securing a patent can allow a company to gain market share, which can attract the interest of investors. Many investors perceive a granted patent as proof that a business is serious about their product plans and that their investment in the project will be protected under the law. Equity investors, government grants and venture capitalists often seek this reassurance prior to providing funding.
It Provides Incentives For Further Innovation
Another purpose of the patent system is to reveal innovative technology. This can inspire others to make improvements, which helps technology advance at a quicker pace. The threat of patent enforcement also serves as a powerful motivator for other participants in the market to find ways to “design around” a patent. Using these creative approaches often results in significant improvements on the original technology, which can provide the world with more efficient solutions and products that make people’s lives easier.
It Helps Consumers Enjoy Better, More Affordable Products
The patent law framework’s uniform and predictable legal standards of enforcement mean that businesses have the peace of mind that comes from knowing that their rights are protected and their competitors cannot steal their ideas, allowing them to provide consumers with the newest products at the most efficient prices.
It Can Provide Patent Holders With New Revenue Streams
A patent owner can choose to license their patent to other commercial entities by giving them rights or allowing them to make the patented invention in exchange for payment or royalties. This may be a one-time payment or a recurring payment of a percentage of the product’s sales, providing patent owners with a long-term source of revenue while allowing them to continue to use or make their own patented invention.
Are Patents Truly Necessary?
Although some people might argue that the patent system favors larger companies that have the financial resources to file multiple patents, they remain important because they give those who create something that is unlike anything else protection for their ideas and future income.
Without patents, entrepreneurs would work in constant fear of competitors with more resources stealing their ideas. For some, this fear may be so great they never launch their company or get their idea off the ground. This could lead to a time in history marked by less innovation and discovery, which would have a negative impact on humankind.
Although the system may seem overly complex, patent attorneys can help inventors navigate the patent application process and ensure that all of their work is legally protected.
Schedule A Consultation With The Experienced Intellectual Property Attorneys
METROLEX IP Law Group is devoted to securing and protecting the intellectual property rights of their clients. As recognized professionals in patent law, our Washington, D.C. based team’s considerable expertise helps inventors across industries and products to innovate from a position of strength.