Today, India stands at 10th rank worldwide in terms of business environment for 2023-27; regardless of the industry, if you have invested in Research & Development, it is crucial to protect your assets and achievements. Patenting is essential for businesses to thrive, especially in India, where the ‘Vocal for Local’ movement is gaining momentum. Patenting will let you reap the profits of your investments made towards your business so that no invention can be copied by others.
What is a Patent?
A patent is a form of Intellectual Property Rights (IPR) offered by the Government to any individual or a business to protect their new and non-obvious inventions for a specific period of twenty years from the date of registering the patent.
However, patents are territorial rights exclusively applicable to a particular region/country in which a patent has been filed and granted in accordance with the law of that country or region.
How Does a Patent Help In Your Business Growth?
- Helps in business growth
For instance, the popularity of Apple’s iPhone is well-known. Although it is not the top product to sell globally, because the brand has protected its technology, it launches a new version every year. Several other top giants in the market have hired experienced IP attorneys to safeguard their businesses, ideas, and technologies and prevent others from using similar technologies or processes.
- Protects an Invention
Whether it’s a product, a process, an innovative idea, or a software-based invention, it can be protected for a period of 20 years from the date of registration. Patent registration protects inventions and ideas from infringement or violation, irrespective of their technical domain.
- Defends the Market Share of a Business
The patent helps to defend a market share of a business; for instance, Amazon’s’ one click’ buying system has enabled the company to become an undisputed leader in the online retail industry. This allows Amazon to take legal action against the competitors who try to copy their system.
- Enhances the Valuation of a Business
Patents are intangible assets that increase the valuation of your ideas or business. If you patent your ideas, then you are attaching a commercial value to your ideas, which will be an intangible asset of your company. The patent adds to the commercial value of your business, thereby increasing the total value of your company. Patented technologies are trusted and valued for their innovations.
What To Do Before Filing for a Patent?
It is always necessary to do some initial checks before filing a patent. Note down the steps below:
- Make sure to do some initial internal audits to keep track of the ongoing research projects.
- Develop a repository for all brand-new ideas and inventions. An Invention Disclosure Form (IDF) helps the research team to maintain documentation of their innovations, which can be sent to the IP attorneys directly.
- Initial screening and prioritization are also needed for all the generated inventions. This helps to know which patent application to file first.
- Keeping a tab on the legal framework through an IP attorney who helps in strategizing patentability assessment and patent writing.
Patenting products and innovation enable businesses to make incredible profits, build trust and a customer base for the businesses. It helps in business growth, protects an invention, defends the market share of a business, and overall it enhances the valuation of a business.
At Aumirah, our patent experts are available to provide valuable insights into your patent and to provide a well-crafted strategy to navigate the patenting process effectively. Please contact us at email@example.com or our website at www.aumirah.com for any assistance.