Patent grants are rewards for all the hard work put in to create an invention. When the world is marching towards growth and development, inventions are flooding the market. Not all inventions are patentable, though only those who fulfill patentability criteria will be given patent protection. To list out, there are three main requirements for inventions to get patents–
- Inventive step
- Capable of industrial application
If your invention meets all these criteria and passes the examination process, it will be given a patent grant. That is the basics of patent- very simple; yet complicated.
Patents can provide powerful leverage for your business. Patents are versatile: a patent can cover your products, the machines used to make your products, the compositions of materials that go into your products, or the processes you use in your business. Patents can even cover components or portions of those products, machines, compositions, and processes.
To begin with, why a start-up needs patents- we will see the relationship between start-up and patents:
Start-up companies (business defense) are filled with energy and human resources who strive hard to make a difference. These companies are known as a start-up because they come out with “out of the box” ideas, invention, and want their business to grow and reach a great height. So, they develop inventive techniques that can be used to create products, processes, or anything that can be used in their business.
It is also a known fact that many companies are eventually entering the market with the same concept of business. There are chances that your invention might be similar to theirs, and they also plan to use it and apply for a patent. Considering a situation, you find someone using the same process you claim to have created, and they are infringing it. What would you do? You cannot possibly fight with that person or get into a heated argument. Instead, you can register your invention for a patent grant and become the sole owner of the invention.
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As the title makes it pretty clear, below are nine fundamental reasons why a start-up should get their invention patented.
- Protection of your invention:Protect what is created by you with a lot of effort, intellectual, and investment. The main aim of any IP Rights is to grant protection to the invention. Protecting your assets is the first step of any start-up company.
- Increases your business value and attracts venture capital:Patents will add to your business value and attract investors. Reports have revealed that having patents over the invention played a vital role in securing investment and seeking funding.
- Helps build customer base:Patentable technology means that your invention is out of the box and very unique. It also shows that the products manufactured out of this invention will be high-end compared to low-end products. This helps you build an image in the market and improve your customer base.
- Documentation helps in prior artprotections: If you file for a patent, then your work is documented and, even if your patent does not issue, the published application can still block your competitors’ patenting efforts.
- License it and earn royalty:Start-ups always strive to earn profits by adopting many ways. One such method is by giving license of their license and earning royalty from it.
- Creation of an asset:Registration of patents helps start-ups attract investors, build a customer base, and earn royalty upon licensing- all these leads to the creation of the assets for the business.
- Important defense against infringers:If the start-ups have patent registration, only then they can use it as a defense in an infringement suit. No registration implies no protection under the law. Start-ups are more prone to infringements as they are in the stage of growth and might not have prior use advantages, so it is always recommended to register at the earliest possible.
- Block and conquer:Patents can secure the start-ups’ position by blocking other similar businesses from applying for the patent or using the same invention in their business. A patent can also form a base for forming partnerships, tie-ups, or joint ventures to build a strong foundation for their business.
Acquisition and valuation: It is always a boon for start-ups to have patent register inventions as it becomes their most significant advantage in case of acquisition by foreign companies. It will support the business and take it to the national and international levels. Furthermore, it will increase the valuation of the company when it comes to IPO and FPO.