How can patents benefit you?
By Benjamin Houghton, Research assistant
Edited By Mark Houghton, European Patent Attorney, Chartered (UK) Patent Attorney
This is not financial advice. Consult a licenced provisional before making any financial decision.
Today inventors are the life-blood of progress and innovation. Those inventors and craftspeople can grow their business and engagement from their ideas, through the protection of their intellectual property – this is provided by a patent.
From the perspective of an inventor what can patents do to help you succeed?
Understanding the legals of IP, similar alternatives to your product/idea/method can be filed to protect your mechanism or design more broadly and “dupes” can be caught. This approach keeps the invention secure and protected widely.
The reputation and credibility of a Patent gives assurance to potential investors and is an asset in and of itself, if you sell or licence your idea, your patents will be sold or licenced along with it.
Working with your Attorney, you can develop a niche that you can sell. Analysis of current competitor patents gives information about which areas of the market haven't been capitalised on yet and can help predict competitor actions. This develops a greater understanding of where your business fits in the pre-existing market.
The connection between creator, protection and the market, is one that is understood as a key element to the survival and success of a creation, the likes of Abraham Lincoln has said understanding. [1] “The patent system added the fuel of interest to the fire of genius”.
Without the information filing patents provides, business becomes blind, the assurance alone that
you yourself aren't infringing on another company's protection is a must. There are openings in the market waiting, and understanding them is what drives business.
Fellow Inventors have given their testimonials here:
Testimonials | How to get a Patent UK | Design Rights UK (patprotect.info)
Citations
[1]European Patent Office, "Validation States," 2019. [Online]. Available: https://www.epo.org/en/about-us/foundation/validation-states. [Accessed: Nov. 9, 2023].
[1.2] A. Lincoln, "Discoveries, Inventions, and Improvements," lecture, Springfield Library Association, Springfield, IL, Apr. 6, 1858.
[2] Intellectual Ventures, "President Lincoln and the 'Fire of Genius'," *Intellectual Ventures*, Feb. 11, 2016. [Online]. Available: [https://www.intellectualventures.com/buzz/insights/president-lincoln-and-the-afire-of-geniusa].
[3] T. Takenaka, "3-Minute Legal Tips: The Importance of Patents," *School of Law, Univ. of Washington (UOW)*, Feb. 3, 2022. [Online]. Available: [https://www.law.uw.edu/news-events/news/2022/legal-tips-patents].
[4] "What Problems Do Small Firms Face?," *BBC News*, Nov. 1, 2010. [Online]. Available: [https://www.bbc.co.uk/blogs/haveyoursay/2010/11/what_barriers_to_growth_do_sma.html].
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