It is crucial that we protect and safeguard every innovation a person has made in order to ensure our health and well-being. In order to be protected against any illegal uses, an item, product, service, etc. can be assigned an IP status.
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Trade Secrets and Intellectual Property:
A patent or license can protect an innovative solution to a technological problem. The patent procedure protects the interests of creators whose products or ideas are exceptionally valuable and economically fruitful, by ensuring that a creator or founder controls the business utilization of their concept.
How is the patent process applied?
Individuals and organizations who own patents over innovations have the privilege of preventing others from making, trading, reselling, or stealing them. Licensed ideas can be sold, exchanged, or accredited to others interested in using them.
Obtaining a patent requires the following:
Patents are granted based on criteria that are set out in national IP laws, which may vary from country to country. A patent applicant must, in any case, demonstrate that their innovation is new (novel), valuable, and not obvious to someone familiar with the subject area. As a result, it is very important that they show how their innovation works and what it can do.
Government grants patents, which are private rights. In the country (or region) where it is licensed, it has legal consequences. For this reason, innovators and organizations looking to protect their innovations abroad should also consider patent insurance. Hence, the Patent Cooperation Treaty (PCT), signed by the WIPO, provides 152 nations with simplified and cost-effective options for obtaining patent insurance. Speak to our experts for more information!
A patent provides the following benefits:
Here are some of the benefits of filing a patent in India:
- After the creation has been officially recognized, you can claim exclusive rights over it for a period of ten years.
- Patent rights can be used to fund and start your own company.
- Your patent rights can also be rented to already established companies.
- You can ensure that the patented service or solution cannot be used, sold, or offered by anyone else.
- Other organizations may be interested in purchasing the patent.
Let’s take a look at what patenting has to offer the patent owner and society as a whole:
- Innovations that are protected by patents generate economic benefits for their creators. Therefore, they provide inspiration for creators to create. A patent gives innovators and independent businesses the assurance they will reap the benefits of their time, efforts, and capital. A patent implies they can sustain themselves by utilizing their inventions.
- A new innovation can propel society forward – both directly, because we may be able to do things that were previously unimaginable, and indirectly, since it can create business growth and jobs.
- In addition to funding additional research and development in the field, patent-protected technologies allow for improved innovation to become available later in the process.
- In addition to opening up doors for business development and job creation, a patent turns a creator’s ability into a tradable resource.
- Patents make a company attractive to investors and enable them to take on a more active role at the point of commercialization.
- When registered, a patent provides strategy makers with valuable data about where and who is conducting innovation research. Policy and administrative conditions for intellectual property’s success can be set based on this information.
- Deceptive third parties can be kept from freeriding on the innovator’s efforts with a patent.
It doesn’t matter if existing patents are 99% identical to your creation. If your innovation has specialized development, demonstrated monetary value, or both, you can prove that it is superior to existing models, resulting in your invention being eligible for patent protection.
Intellectual property provides a number of benefits, but obtaining a patent provides the greatest financial benefit. As long as the creator does not grant permission otherwise, only the inventor can profit financially from the technology.
Patent your innovation with our experts today!