Inventions that are useful and have put innovation into practice are great contributions to society. But how does the inventor gain from it? An inventor should apply for a patent as soon as possible to secure the rights to the invention.
Getting a patent for an invention gives the inventor ownership over the invention. But looking at the larger picture makes one realize that the benefits associated with a patent drives innovation in a country. This will lead to scientific and economic growth.
Typically, an invention can have two kinds of patent filing in India – 1) Design patent, which protects the novelty of the outward appearance of the invention. 2) Utility patent protects the novelty of an invention’s method or function. Regardless of the type of invention, there are many benefits you can gain from filing a patent.
Besides the rights to the design and idea of the invention, there are other reasons to file a patent. This post sheds some light on the different benefits of patent filing in India.
Benefits of Filing a Patent
Commercialise the invention
An investor can use the patented invention to generate revenue. If an investor wishes, the patented invention can be sold to be manufactured on a large scale, sold to third parties for a sum, or even licensed to third parties.
Legal Protection of Exclusivity
The most obvious advantage of a patent is that the inventor gets the legal right to exclusively use the invention for commercial purposes. The inventor can also take to court those who infringe this right by making economic benefits from someone else’s invention.
Ownership of the Invention
Getting a patent means the inventor can use the invention without the fear of being robbed of their credibility and hard-earned work. Since legal protection is bestowed upon its ownership, they can confidently share their invention in the public domain.
Increases Brand Value
Filing a patent has a very high branding benefit from a business perspective. Companies can build authenticity and get high ROI by branding their inventions.
Intangible Asset
Inventions are intellectual property. Once they are patented, they have a worth that can be associated with an organization in the form of intangible assets. This improves the company’s outlook in front of prospective buyers, investors, or funders.
Contribution to Society
Patenting authorities ensure that the item to be patented has application or industrial use. This way, patents are useful to society and help others benefit from them without infringing the inventor’s rights. It also adds to the knowledge of society as they can learn from the invention.
File a Patent With IPFlair
To file a patent for an invention is not easy. It takes a lot of paperwork and a comprehensive description of the working of the invention, its novelty, and such. Hiring a great team of experts is advisable to do it for you. Choose IPFlair for your patenting needs for the easiest patenting experience.
