Top 5 Reasons Why You Need to Patent Your Invention

So you’ve just come up with a new invention that will make you a lot of money while improving other people’s lives for the better. The first thing you need to do now is patent your invention. Receiving a patent can be a long, complicated process, and many inventors choose to skip it for this reason. This can a major mistake that could cost you a lot of money in the long run. Here are a few reasons why it’s a good idea to get a patent for your invention.

It Protects You Against IP Theft

Intellectual Property Theft is unfortunately something that happens to inventors far too often. That’s why it’s so important to protect yourself. You’ll inevitably be sharing your ideas with many other people, such as investors, while trying to get your project off the ground. Having a patent will prevent these people from using your ideas. It will also prevent you from having to engage in costly legal battles.

It Gives You a Stronger Market Position

By getting a patent for your invention, you limit the ability for other companies to use your ideas. In the long run, this will reduce your competition. It will also help you establish yourself as the pre-eminent player within your niche. All of this eventually translates to more money in your pocket and a much higher ROI.

It Gives You the Ability to License Your Invention

Licensing can be a major source of income for inventors. Even if your business isn’t able to manufacture and market your invention, you might find other businesses who can. By licensing your IP, you can let other businesses do the heavy lifting while you still profit from your invention. Many people prefer to do business this way. However, this is not possible unless you have a patent.

It Helps You Negotiate

Having a patent can give you quite a bit of leverage when you’re negotiating with other businesses. This is especially true when it comes cross-licensing deals. This is where two companies exchange the patent rights to each others inventions. In this case, a patent will put you in a much higher bargaining position. Otherwise, a deal such as this is not a possibility.

It Makes Your Business Look More Professional

Simply put, patents look good in your portfolio. This communicates that you’re an expert in your field and are serious about doing business. As a result, investors and potential partners will be more likely to work with you. On the other hand, others could find it risky to do business with you if you don’t have a patent yet. You could find it much more difficult to get your project off the ground as a result.

These are a few of the reasons why having a patent is so important. Although it might seem like a lot of work at first, it will make it much easier to do business in the long run. So don’t procrastinate. Start working on your patent today.

5 Things You Need to Know About Trademarking

If you’re an artist or business owner, then having a trademark is extremely important. This helps you protect your business and prevent others from using your ideas. However, registering a trademark can also be a long, complicated process. If you’ve never done it before, you probably have a few questions. Here are a few things you need to know about registering your trademark.

What is a Trademark?

First of all, you might be wondering what a trademark is in the first place. A trademark can be a phrase, a design, or a combination of words and designs that identify your brand. Having these trademarked can prevent other businesses from using them. Otherwise, you could be dealing with some very serious legal issues later on. Someone else could steal your ideas, and there’d be nothing you could do about it.

What Can Be Trademarked?

There are a great number of things that can potentially be trademarked. A few examples include logos, business names, product names, the names of individuals, catchphrases, combinations of colors, etc. Even sounds can be trademarked if they’re going to be used for business purposes. Virtually anything that helps identify your brand can and should be trademarked.

What Can’t Be Trademarked?

That being said, there are limits to what you can trademark. First, you must be using the mark in question for business purposes or planning to do so very soon. Also, the trademark request can’t be too generic. If it’s a phrase commonly used to describe the goods in your niche, then your trademark might be rejected. It needs to be descriptive enough to distinguish your particular brand.

What Should I Do Before Registering?

There are a couple of steps you should take before you try to register your trademark. One thing you need to do is register your domain name. This can be done relatively quickly, and it doesn’t cost a lot of money. It also gives you a legal precedent over those who might be trying to use the same mark. Another thing you should do is make sure the trademark hasn’t already been taken. This could save you a lot of headaches in the long run.

How Do You Find Out if a Trademark is Taken?

There are a few different ways a person can find out if a trademark has already been registered. One is to look through your country or state’s databases to see if it’s being used. You’ll also want to search the Internet in general. Another good way to find this information is by using a website like LegalZoom. LegalZoom can provide a very thorough search on your behalf, and the results are always easy to understand.

 

These are a few of the things you need to know about registering a trademark. Whether you’re an artist or an entrepreneur, having a trademark is a key component to protecting your brand. Now that you understand its importance, the next thing to do is begin the process of registering your trademark. You’ll be very glad you did in the long run.