Your invention or even an idea is already a valuable business opportunity. So, you dedicated to fight for a place under the sun, conducted solid market research and analyzed future competitors. What’s next? Before moving further, you need to secure your invention. How to do it? Apply for a patent. It’s a huge step in your business officialization, especially when it is still on the early or even better to say at the startup stages of its development. Patents themselves give you exclusive property rights, help to mitigate or even avoid legal battles and quite often play a critical role in a startup success. Want to learn more? Check out the top 7 reasons why your startup needs a patent.
It’s a signal of quality
If you take a look at the investments history of most startups, you will see that those ones who have spent their time, nerves and money on a patent receive more venture capital and improve chances for other investments than startups without it. Patents prove the product quality and are viewed by potentials partners as a green light for spending their money and supporting the rising idea. Besides, you can always try the provisional patent application.
It confirms the product uniqueness
You have invested thousands of dollars and tones of efforts to develop a new game-changing app and are just about to enter the market. But stop for a second and think what if another team has already launched something similar? Of course you can postpone the release and do some rebranding to revitalize your product. To avoid a delay and make sure that your idea hasn’t been already patented, conduct the preliminary search, fill in all necessary documents and apply for a patent.
It’s your shield against rivals
There always will be larger and more experienced competitors ready to get you out of the business. Methods can differ, but the very first thing you should do is to protect your idea. Your rivals can use claims on legacy issues or even try to steal your innovation. A patent provides legal protection and helps to avoid IP mistakes every startup may face, granting you the inventor status and an opportunity to stop others from duplicating, using or selling the product without your direct permission.
It’s a card up in your sleeve
If you’re planning to sell your invention to another company, getting ready for a merger or acquisition, a patent can be your winning argument during negotiations. Just give it a thought: you have settled down all legal issues, reduced the prospective company’s possible legal costs, reduced to zero the risk of infringing on another patent and forestalled third-party lawsuits. An ideal candidate with a winning position!
It increases your brand value
For a startup with a tight budget, it is simply an immense bonus. A patent makes your product more attractive and valuable not only for investors but for promotional partners and future business alliances as well. It creates a presumption that the mark is valid and indicates that your customers can rely on your brand. Besides, you get the legal right to use the ® symbol, which is a good advantage in the marketing warfare.
It can generate good revenue
You have developed a unique technology? Hurry up to receive a patent. One-of-a-kind, revolutionizing invention cannot go unnoticed. Before you even now it there will be companies camping out to try out your technology. But know what? They will have to buy or license it from your first. It’s a first step in establishing technology ownership and building your billion-dollar empire, isn’t it?
It expands your business opportunities
The bad news are that patents are territorial. You will only be able to compete in a state or country in which your patent is registered. But if you have a potential and want to grow your business in other markets, the patent rights can be licensed to a partner with a market presence in a different country, state or even in a different tech field. You get payments for sales and can expand your business around the globe without striking a blow.
Of course it will take some time and money to receive a patent. But the longer you wait, the higher chances are that someone else will patent the same innovation instead of you. Hurry up! Get a patent and secure the future of your startup.
Following the topic you may also like to read “How to protect your app?“