The most important benefit of a patent is that it legally validates the exclusive ownership of an inventor over his original idea. A number of new inventions have wonderful prospects of fetching profit for the owner, unless they are wrongly used by unscrupulous individuals that can deprive the inventor of fair returns for his time and effort given on his original invention. Put simply, a patent protects the inventor's economic rights over his original idea, and it permits him to use the same to his advantage for a stipulated period.
The next important benefit of a patent is that it enables the inventor to make profits on his invention and cover the expenses incurred on the same. The money he spends in order to develop a product can be recovered by marketing the product successfully without facing any competition, as others cannot manufacture the same product as long as it is secured by the patent.
An inventor will also have his reputation at stake and if someone steals his product and claims to be its inventor, the original inventor will lose the due acclaim that he is otherwise entitled to get. This can be prevented by patenting the product well in time.
Patents play an undeniable role as far as the commercial aspects of the product is concerned. You might be required to talk about your invention in public so as to gather suggestions to enhance your idea and make it more marketable. Since, many people might become aware of your idea, you will need legal safety for your product from unscrupulous people.
A patent empowers an inventor to prosecute anyone who makes unauthorized use of his invention. This right on part of the patent owner to initiate prosecution and seek damages for patent infringement is a key aspect in preventing the invention from being wrongly used.
Another advantage of patenting an invention is that a majority of the licensees prefer investing in a product that has legal validity through a patent. Hence, patents also help in quick licensing of a product.
The next important benefit of a patent is that it enables the inventor to make profits on his invention and cover the expenses incurred on the same. The money he spends in order to develop a product can be recovered by marketing the product successfully without facing any competition, as others cannot manufacture the same product as long as it is secured by the patent.
An inventor will also have his reputation at stake and if someone steals his product and claims to be its inventor, the original inventor will lose the due acclaim that he is otherwise entitled to get. This can be prevented by patenting the product well in time.
Patents play an undeniable role as far as the commercial aspects of the product is concerned. You might be required to talk about your invention in public so as to gather suggestions to enhance your idea and make it more marketable. Since, many people might become aware of your idea, you will need legal safety for your product from unscrupulous people.
A patent empowers an inventor to prosecute anyone who makes unauthorized use of his invention. This right on part of the patent owner to initiate prosecution and seek damages for patent infringement is a key aspect in preventing the invention from being wrongly used.
Another advantage of patenting an invention is that a majority of the licensees prefer investing in a product that has legal validity through a patent. Hence, patents also help in quick licensing of a product.
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