For businesses, their Intellectual Property (IP) makes them gain profits. Whether it is a traditional or modern industry and business, it is likely to use patenting of Intellectual Property to prevent others from intruding due to its reward. It is also to avoid taking advantage of its stand in the marketplace, regardless of the products or services.
Every industry or business should take the steps required, with the help of Philippine patent lawyers when it comes to identifying and protecting its intellectual property assets.
If you have a business that doesn’t consider a patent registration, here are the reasons why Patent Laws are relevant for your business.
It Protects Your Ideas
Whenever you come up with an innovative, unique, and great idea for a product or service, people or even businesses will try to duplicate your ideas. Some will also buy them and sell your ideas as their own.
There are different types of protection you can use for your intellectual property, depending on circumstances– it can be patents, trademarks, or copyrights.
Whatever protection you will acquire, all of these can be used to prevent your competitors from using your ideas without your consent.
The protection of intellectual property applies to all businesses, especially huge corporations that made multi-million-pound lawsuits because of it.
It Ensures Business Growth.
If you have produced unique products or services, it is important to protect your intellectual property, especially if you are a small business. It will also help you avoid your competitors in using your success to pave their way in the marketplace.
Small businesses tend to have more creative and innovative ideas; that is why big companies have a chance to steal or copy and capitalize on it. As a result, they will gain more profit more than the original inventor of the product or service. In your case, it will result in the slow growth of your business and loss of revenue.
It Raises the Value of Invention.
A patent can lead to an increase in your invention’s value once granted.
One of the significant benefits of getting your inventions or creations patented is how you will establish your brand or business in the industry. It will prevent the competitors from having extreme similarities, which will generate more profit for your business because you’re the only one who offers that product or service in the marketplace.
That being said, a patent will protect your creative property and grant you the right to your ideas and inventions, which is the reason why it raises its value–it will allow you to sell your product at a higher price to meet the market demands.
But why is patent encouraged in order to do so? Because once a competitor sells their own, tweaked version of your invention, chances are the prices would drop because people will have other options.
Acquiring a patent will provide the necessary protection you need for your business ideas to grow and expand in the market. Without a license, anyone can sell or use your inventions, and they will not be held liable even if they produce similar products.
Remember, patents give credit to where credit is due.