An invention creates something new, while an innovation makes use of something new. As a result, technical criteria are used to determine an invention’s success, whereas commercial criteria determine an innovation’s success. When a technical solution to a problem satisfies the specific legal requirements for patentability, this is considered an invention. Patentable ideas may or may not be the basis for innovation.
A patent is vital since it may assist in protecting your innovation. It helps protect any product, design, or method that satisfies specific criteria for a new invention, practicability, appropriateness, and usefulness. Generally, a patent protects an innovation for a period of up to 20 years. This article will shed light on the invention and relevance of having a patent over new and novel inventions.
Meaning of Invention
A novel and creative solution to a technological issue is known as an invention under the Patent law. It may be the development of entirely new technology, product, technique, or process, or it could just be an incremental enhancement to an existing one. Simply discovering something that already exists in nature does not constitute an innovation.
To obtain a Patent an invention must involve some human intelligence, imagination, and originality. While most innovations are the product of substantial work and long-term investment in research and development, numerous primary and cheap technological advancements have resulted in enormous revenue and profit for their creators or businesses. A patent’s exclusivity may be the difference between success and failure in today’s challenging, risky, and dynamic commercial environment.
Reasons for patenting an Invention
The following are significant reasons for the patent:
- Preventing others from obtaining patents:
By acquiring a patent, the patent holder may prohibit others from patenting the identical innovation elsewhere in the globe.
- Patents contribute to the strengthening of a company’s market position.
A patent grants the owner the exclusive right to restrict or prohibit others from utilizing the protected innovation, minimizing uncertainty, risk, and competition from free riders and imitators. Patent rights may make it more difficult for new rivals to join the market, enabling the patent holder to build a strong brand.
- A patent contributes to the growth of profit or return on investment.
If a business has made substantial investments in research and development, patent protection may assist in recovering those costs and improving return on investment.
- Patents assist in generating extra revenue through licensing.
A patent owner may license the invention’s rights to other parties in return for total fees and/or continuing royalties. When a patent is sold (or assigned), ownership is transferred, while licensing merely authorizes the innovation under defined terms.
- Patents assist in gaining access to technologies.
Suppose a business requires access to third-party technology. In that case, it may leverage its patents to negotiate cross-licensing agreements, in which each party agrees to grant the other the right to use all relevant patents under specified conditions.
- Patents assist in gaining access to new markets.
Licensing inventions to other companies may give access to new markets otherwise unavailable due to corporate regulatory restrictions. It is essential to protect the invention in the foreign market to make a profit in the new international markets.
- Patents help to mitigate the risk of others illegally copying the invention.
Obtaining patent protection involves the publication of details about the innovation so that other people may know that it is patented. Grant of Patent may minimize the possibilities of infringement or, at the absolute least, offer a ground to prohibit rivals from infringing and claim compensation for losses.
- Patent enhances the capacity to generate income
Investors value the assurance that patents provide. Patent can help a business obtain the capital necessary to bring a product to market. Indeed, in some industries, such as biotechnology, a robust patent portfolio is often required to attract investors.
- Patent offers a potent weapon against copycats and free riders.
Patent exclusivity is better achieved by issuing legal notice, a letter of cease and desist, or filing a lawsuit in the court of law against the offender. Owning a patent increases the potential to take effective court action against imitators and violators.
- x. Patent greatly enhances business reputation
Patent portfolios are often seen as proof of a company’s high degree of knowledge, specialty, and technical capability by business partners, investors, and consumers. It may be advantageous in attracting business partners and generally increasing the company’s profile and market worth. Indeed, some businesses promote their patents to convey an inventive image to the public.
The purpose of this article is to provide a general overview of the subject. HHS’s attorneys and legal advisors are experts in patent registration, infringement, and other related matters. intellectual property experts can advise you on the appropriate processes and help you with registering a patent.