The benefits of filing a Patent application can be numerous. To begin with, filing a Patent application eventually leads to Patent registration which would provide ownership over the invention for a period of 20 years. Being the owner of the Patent, you have rights to block others from making, using, selling or offering for sale, and importing the patented invention.
Filing of Patent application can provide monopoly over the invention and competitive advantage in the market. Ownership over the invention, in turn, helps in building the business as well as raising capital for it. One can also license the invention in return of royalties or alternatively completely sell it to another for a handsome amount.
Patented invention acts as a barrier to entry for other competitive products in the market and since you can stop other such competitive alternatives, you can charge the best possible competitive charge for your product thus resulting in increased profits. A Patent can even eliminate large companies from competition and give a boost to your business.
Even before getting registration, a Patent filing can be helpful. Filing a provisional application has a lesser cost and formality requirement but helps in securing a priority for your Patent application, nonetheless. Apart from priority in the home country, it also provides priority for subsequent foreign applications. Another advantage is that it provides an effective and short term solution for the protection of inventions that are still in an early stage of development, as multiple provisional applications can be later referenced in a non-provisional application and hence collecting and claiming priority over all the improvements made to the invention in one application.
From the above discussion, it can be concluded that the filing of a Patent application can provide numerous benefits. It immediately enables potential control over the invention, in turn enabling the inventor to start the promotion of the invention and raising money to develop and exploit the invention.
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