Do you think you have come up with an incredible new idea worth capitalizing on? If so, the obvious next question you might ask yourself is whether or not you should protect your intellectual property with a patent. There are various pros and cons of applying for, and ultimately holding onto, a patent. However, many of the reasons for or against getting one are fairly specific to the nature of your idea, what you plan to do with it, and more.
There are patent attorneys in Orlando who have a long history of experience in the field. They are likely the best place to start when you are weighing the pros and cons of your specific idea.
Therefore, take a look below at some of the higher-level pros and cons of patents. This will help you to begin making your own decision about whether or not a patent is right for you. However, the best thing you could do is to work with a professional. You need someone can give you better insight into your unique plans.
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Pros of Patents
- With a patent, you will be the legal owner of your intellectual property. This means that anyone who wishes to use your idea must come to you to license your patent, or in some cases buy it outright.
- Patents are valuable when you are looking for investors. This is because they signal to investors that you have already done a significant amount of legwork. Therefore, potential investors understand that their investment has a degree of protection through the USPTO.
- Patents may not be reproduced, licensed, manufactured, sold, or distributed without your legal consent. Any violations of this protection mean that you can seek damages against the offender.
- Patents can be licensed to major companies in exchange for royalties. This is an excellent way to generate passive income if your idea leads to good sales.
- A patent is a great selling point if you are working to get your company acquired by another company. This is because the other company will be aware of your intellectual property. Also, they will realize that if they want your idea, they cannot simply copy it. This increases the value of your company in the face of competition.
Cons of Patents
- The application process for submitting a patent to the USPTO is notoriously complicated and can take a long time. Moreover, it can include multiple rounds of revisions, reviews, and approvals or rejections.
- If you are granted a patent by the USPTO, there is no such thing as reciprocal patents in other countries.
- The time and money you will spend during the application process will be significant. Therefore, if you ultimately do nothing with your invention or let your patent expire then it is essentially money wasted.
- Patents do expire. This means that as soon as you no longer have this protection, anyone will be able to use your intellectual property without your permission.
- Although patents offer legal protection for your idea, they are generally very specific. What this means is that there are various ways that a competitor can bypass your ideas with enough difference so that you have no legal recourse.
What Is Best for Your Idea?
Ultimately, there are a lot of variables that you will need to consider in order to determine whether or not to move forward with a patent application process. Our suggestion is that you speak with someone who understands the process. Talk with someone who recognizes the advantages and pitfalls of this legal option and can give you advice as it specifically relates to your idea. Further, this person can comment as well as on your plans for what you plan to do with your idea if you are granted exclusive legal protection. Contact ThePatentProfessor in Orlando to find out more.