A patent is a legal document that is granted to an inventor. It is usually the patent office that provides the patent to seek the protection of his work from infringement. It is the government’s responsibility to provide the patent.
Registering for a patent successfully would mean no other inventor could claim the same invention credits. No individual or business has permission to use the same. However, the patents and trademarks are granted to an inventor only if he/she satisfies the criteria of the necessary documentation. New start-ups with innovations must register for a patent of their products and services as it allows several benefits.
Why should a business get a Patent?
As a start-up owner, it is essential to safeguard your innovation if it has not been patented yet. If it is an owned research and development, you have all the right to get the patent.
By patenting your innovation, you can easily collect funds for its use, and it also helps improve the brand image. Getting a patent for your business and planning your future investments are many benefits.
Helps in Business Growth
A patent can help a business improve its market profit margins. For example, Apple’s iPhone is a well-known product. However, it is not the most sold product internationally.
Despite this, the iPhone brand makes huge profit margins every year because some people buy the product just due to its name and image value. Hence, all the new upgrades of the iPhone are sold out as expected by the company.
Safeguards the invention
A patent ensures that your invention efforts do not go in vain. In case of any copy or use of the brand logo or name, strict actions such as imprisonment and heavy fines can be levied.
Increases image value of the business
If you have patented your business invention, it is an asset for your company. Like revenue sales, a business patent increases your company’s image value.
As a result, consumers often prefer the patented product as it builds trust among the users. It helps expand your customer base and is also useful for investment schemes.
Conclusion
Patent and trademark are both essential if you run a start-up business with an invention of your own. It adds more value and builds trust among the consumers for the brand. Hence, it is a factor in deciding between buying a particular product.
A Trademark also helps to protect your business identity and reality. In the present era, replication of items is a common occurrence. Further, fraudsters using software to create fake websites have been common. Getting a trademark or patent is important to identify the business product uniquely to avoid any unforeseen hassles. It is an important decision to make while executing a self-developed business idea.
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