If you have a great idea – if you come up with something new, or think of a new invention – then that automatically belongs to you; it is automatically your intellectual property. There’s no doubt about that, that’s the law. However, just because it legally belongs to you from the moment of conception doesn’t mean that someone else can’t steal that invention and profit from it.
The law is there to protect you, but just because the law exists doesn’t mean you don’t have to protect yourself. Have you come up with something new and exciting and are you thinking about protecting both yourself and your invention? Here’s why it makes complete sense to apply for a patent for your invention.
Prevention of theft
Inventors or innovators often go to fund providers or investors to make the invention into a commercially viable enterprise – but who’s to say investors will not take the idea and run with it on their own? Your patent will ensure they are not legally allowed to do so and that you have plenty of proof to seek damages should someone take something that belongs to you (without your permission) and use it to their own advantage and profit. You have all the paperwork and registration to prove it is theft of intellectual property and are easily able to seek damages.
Because you are the only owner of the invention, nobody can copy you – hence, it’s easy to create a monopoly. In other words, without competition you are assured of a higher profit.
Because you are the sole owner of the invention, others will have to go through a whole inverse engineering process should they want to copy you (which legally they can’t). You have a monopoly and have successfully put competition at bay.
Easier legal settlements
With a patent, it becomes easier to settle arguments – inside or outside of court.
Greater market share
Your patent becomes a commercial product that can be licensed to other companies – meaning, you can gain a large market share by allowing other companies to use your invention.
The law is there, and the law is clear: if you have come up with something new, if you are the author or creator of a new invention, then that invention belongs to you (and to nobody else), and that is automatically your intellectual property. It’s non-negotiable. However, just because the law says so, does not mean that – in practical terms – you are protected. If you feel you have something new and exciting, and you want to profit from it, then make sure it is patented (and this is where the right patent writing software becomes very convenient indeed), and that the world knows about it. It can prevent a lot of problems.