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Reasons To File A Patent Application
5 October 2022

When you have developed a product or created an in

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Reasons To File A Patent Application

When you have developed a product or created an invention, it's in your best interest to protect your intellectual property and your design. The best way to do that is by filing for a patent with the Patent and Trademarks Office. If you're wondering whether or not you really need a patent for your product, there are some things that you should know. Here's a look at some key indications that you might need a patent.

You Have A Challenging Competitor

If your business isn't alone in its specific industry, and you have a challenging competitor that could potentially give your business a run for its money, you'll want to file a patent application right away before you send the product to market. This protects your design from potential theft by those competitors.

You Are Considering Licensing

If you've been thinking about licensing this product once it hits the market, that process can help your business realize greater revenues and reach vast groups of new customers. Licensing your patent can be a significant additional revenue stream for your business. The patent will protect your interests in the product design, preventing your licensee from copying the product.

Your Product Has A Simple Design

The easiest products to copy are ones that are simply designed. If the product that you're putting to market has a fairly simple, straightforward design, you'll want to secure a patent as soon as possible. This protects your design from reverse engineering or duplication. 

You Want Legal Protection

If you are concerned about protecting your company's reputation and having legal recourse against any potential legal claims, securing a patent is a good place to start. After all, you can't risk any kind of patent infringement claim if you're the one who holds the patent. You can even prove first use in business if you have the patent application in place and adequate documentation. Your business won't have to worry about any legal liabilities.

You Want To Secure Your Company's Value

Your company's value is dependent upon your assets. When you have sufficient documentation in place to ensure your patents, that increases your company's value based on intellectual property value. This is an important consideration because your company's value is a key aspect of its ability to weather any economic challenges.

These are just a few of the many reasons to consider a patent application for the product design you're trying to protect.