In an increasingly knowledge‐driven economy, the individual or the business will invariably need creative or inventive ideas or concepts to improve an existing feature, add a useful new feature to your product or develop a new product. The market demands more creative ideas that can make life much easier. The business must develop such an idea or concept that solves a technical problem in an unexpectedly new or better way. If it is making it, then it is highly imperative to take adequate and timely steps to protect its creative idea, concept, or knowledge by converting it into a proprietary technical advantage by patenting it.

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Patents give an exclusive right to the inventor for his invention. The invention can be a product or a process that provides, in general, a new way of doing something, or offers a new technical solution to a problem. To get a patent, technical information about the invention must be disclosed to the public in a patent application. The patent in its form gives the right to the inventor to commercially exploit the invention to fetch the investment being incurred upon the R&D. This right also provides the owner an exclusive right to prevent others or stop others from commercially exploiting the patented invention. In other words, patent protection means that the invention cannot be commercially made, used, distributed, imported, or sold by others without the patent owner's consent. The patent right is territorial and does not have any international protection. This grant of protection of the patent is given for 20 years. Let us see why it is important to have a patent for your invention.

To have a patent ensures that your invention cannot be stolen from others. The invention without any backed protection is difficult to check on the infringement. The inventions if patented can prove to form a strong regime where the inventor can sue others for infringement. This protection becomes very important because every inventor will put their invention on the market for getting various investors. Having a patent will make the condition favorable for the inventor and will also help in getting the idea of the market without any fear of infringement. This will provide protection when one discloses their invention publicly. Even if the inventor wants to go to a fair, exhibition, or an industry trade show and can display its invention without fear. In the above case, the inventor can put their invention without the need to have any such express approval having the full right to make, sell, use or distribute your new or improved product.

Needless to say, the patent is an asset for the company or business or individual. The patent holds an economic value with itself which can be in thousands or millions. This attracts a lot of potential investors since having patents generally tends to create an entry-level barrier for the competitors. This will further help the company to recoup the cost of R&D over the inventions and also improve the return over the investment. This moreover helps in getting a license on the patents thereby increasing the return.  Most venture capitalists, investment bankers, financial analysts, and other investors favorably recognize the value of a patent.

Also, various strategies such as getting into a partnership, mergers, and acquisitions can be very helpful and can increase the brand value if the inventor has the granted patent with them. Since having a patent will increase the portfolio and provide substantial value to enter the market. Strategic partnerships, or in mergers and acquisitions, and for getting a start‐up company listed on the stock exchange through an initial public offering (IPO) or for getting a higher sale price of an established company.

Getting a patent for the invention is the best idea for the company or an individual. This patent will help the company to improve the ability to do business. It is highly recommended to every inventor to have a patent for their invention for better protection and a better business portfolio.

Author: Saransh Chaturvedi (an advocate) currently pursuing LLM from Rajiv Gandhi School of Intellectual Property Law (IIT Kharagpur).  In case of any queries please contact/write back to us at support@globalpatentfiling.com.