An invention takes substantial effort and funding to materialize hence, it is pertinent to commercialize it and gain profits from the Invention. Patent Registration helps the inventor in making money from the invention.
But now the question arises: With the disclosed information, can’t anyone simply copy and reproduce the invention and sell it themselves? This is where the patent system comes in and provides benefits to the inventor. Once the patent has been filed and patent registration has been done, the inventor solely has a monopoly for 20 years over:
Patent registration helps in restricting the competition in terms of commercializing the particular invention in the market. Patent Registration bars everyone else from encroaching on the inventor’s sole monopoly. This right further places the inventor in a superior position in the negotiation table for royalty when he decides to license his product. Generally, licensing means that someone else would manufacture and sell the invention in the market and would share a portion of royalty with the inventor.
A patent is invaluable to startups and small business entities as they work as bargaining chips for attracting investors and sponsors. Furthermore, granted patents in India improve the recognition and credibility of the inventor or his startup or a company in the market. Many inventors are not big fans of the patent system due to the legal intricacies, but the benefits accrued at the end far outweigh the initial hassles. Most startups and inventors hire registered patent agents or registered patent attorneys who are well-acquainted with the process and can assist in patent registration and commercialization of the invention.
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