The importance of patents has increased tremendously over last few decades. Every company is creating a strong patent portfolio. A patent is a government license that gives the holder exclusive rights to a process, design or new invention for a designated period of time. Applications for patents are usually handled by a government agency. If you have an invention or an idea that you want tied to your name legally so nobody can use or claim its ownership, well you got to do it the legal way and have it patented. So even if it’s an idea, do not hesitate and immediately go for a patent registration for it.
Top reasons why you need to register your patent:
- Business partners, investors and shareholders may perceive the patent portfolios as a demonstration
- Sometimes, the inventor might not want to exploit the invention himself.
- Having invested a considerable amount of time and money in developing the invention, under the umbrella of exclusive rights, the inventor could bring in the invention to the commercial market and thus obtain higher returns on the investment.
- Of course, this depends on the economic utility of the patent.
- For this reason, the inventor must ensure the commercial viability of the patent before investing on patent.