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A patent is a legal document that gives you exclusive rights over your invention. It prevents anyone from claiming your invention. Any invention needs hard work and time. So, a patent prevents you from letting your hard work go in vain.
A patent gives you a complete safeguard of your invention. The patent can protect your invention for up to specific years. The time starts once you file for a patent. Here are some reasons why patent filing is crucial for any invention.
Once you get a patent for your invention, it gives you a full right that makes you the sole owner of your invention. It prevents others from using your invention without your permission.
A patent is also useful for the commercialization purpose of your invention. Whether you want to make a product and sell in the market, sell your patent or license to commercialize it, you can do it with the patent right. It helps you earn both revenue and royalty for your invention.
Once the inventor gets the patent right for their invention, they can use it by preventing others from using it commercially. It makes your product, based on the patented invention, exclusive in the market and helps you compete with similar products. As a result, it improves the market position of your product.
The patent right of your invention reflects its usefulness in completing the work that it is supposed to do. And it works well in increasing the market value of your organization and helps you in fundraising, finding investors, business partners, etc.
As mentioned, getting a patent for your invention paves the way for commercializing your products by bringing them to market. And thus, it increases your return. Meanwhile, the ROI indeed depends on the utility of the patent.
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35+ Y | M.S. (Electronics) | Ex-GE | Ex-Lockheed Martin | Ex-Northrop Grumman
Jason has 35+ Years of Combined Technical & Legal Experience,
where Jason has worked for several Fortune 500 organizations
including General Electric, Lockheed Martin & Northrop Grumman.
Jason has drafted more than 150 patent applications and prosecuted
over 200+ office actions with a 90% patent grant rate in the areas
of Electronics, Software and Electrical Technologies for Fortune 500
Jason holds a Bachelors and Masters of Science in Electrical Engineering from George Mason University and has completed his MBA from Colorado State University.
15+ Y | Ph.D. | Ex-GE | IIT Kanpur Alumni
Anand is a Technology Analyst with 15+ years of experience in the Technology & Patent Domain. Over the years, he has gained immense hands-on experience in consulting Technologists & In-house R&D Teams of Fortune 50 organizations for developing, protecting & licensing innovative proprietary technologies. He has worked onsite/offsite extensively with global teams of attorneys, technologist & business leaders across many jurisdictions such as US, Europe, Canada, China, South Korea, Singapore & Middle East. He holds Masters(Integrated) in Chemistry & Ph.D. in Materials Science both from Indian Institute of Technology(IIT), Kanpur, India.
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