Hi, I’m Anthony Verna, managing partner of Verna Law. We focus on intellectual property and advertising law, but I think you knew that already.
Why should I seek patent protection?
This is the Motherload question.
Simply put, if you have a new and novel idea or invention, and it provides value to the marketplace – without patent protection, and you’re leaving the door open for others to copy and sell your idea. You’ll want the patent protection to obtain exclusivity.
A patent is a monopoly for the invention that is claimed in the patent for 15 to 20 years, depending on the type of patent that is filed. You have negotiating power. Again, of course, monopoly gives you negotiating power, but it’s a signal to the market that you are serious about your technological assets, thereby opening the door to business negotiations regarding licensing of your invention.
As for valuation, patents are assets, whether that asset is personal or to your company, that hopefully you’re taking your patent, then you are assigning it to your company that you are creating, but it provides a basis for seeking investment into your company.
It provides a basis for saying here is why this particular invention has value. This product has value. This company has value.
It’s also a way for your com you or your company to have additional revenue.
In some cases, all of all of your revenue might be taken through licensing of that particular patent. But if you want to create the product that’s described in the patent and then license it to somebody else, that’s perfectly acceptable as well.
So there are ways to have additional revenue streams because of one patent registration. And again, you get to stop competitors because your patent is filed.
Establishing patent boundaries before competitors enter the market challenges them to avoid stepping on your granted or applied-for claims. It requires an expenditure of time, effort, and money on their part.
And if they’re infringing, you, of course can take them to federal court and get damages for lost profits. Get damages for attorney fees sometimes.
It’s really a way to stop those competitors. And it’s a big gigantic hammer that the federal system gives you as a patent owner.
And that’s why that’s why you should get the patent in your invention.
I’m Anthony Verna, managing partner at Verna Law, where we focus on intellectual property and we’ll see you next time.