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Factors to consider before obtaining a patent 

On Behalf of | Dec 20, 2021 | Intellectual Property Law

It is likely that you have spent many years trying to establish your company. There may be unique technology and methods at the heart of your business activities. However, such components can only remain unique if they are protected. Unfortunately, it is not uncommon for other entities to duplicate methods that have not been legally protected. 

Thus, it should be a top priority to ensure that the unique aspects of your business are protected by watertight legal instruments. Patents are just one way of protecting your business interests. When a patent is granted, you may be awarded the exclusive right to sell or produce certain inventions. Nonetheless, there are positives and negatives to such legal tools, and it is crucial to explore these. 

A patent could help you secure future investment

As your business continues to grow, you may need to enlist the help of new colleagues and business partners. Securing finances from investors is just one way of ensuring that your company continues to stay on the right track. When potential investors see that the fundamental aspects of your company have been secured legally, they may be more likely to part ways with their cash. A business model that can easily be replicated is neither likely to impress nor secure any outside investment. 

Patent protection can be complex

There are some drawbacks to securing a business patent. Firstly, the process can take some time and may also be costly. Additionally, certain eligibility requirements need to be met before a patent is granted and not everything is patentable. Competitors may be able to create similar products without being penalized in some cases. Finally, patents do not last forever. The typical period of existence for a legal patent is 20 years. After this, other companies might be able to use your business effects to their advantage.  

Due to the complex nature of patents, it is in your best interests to gain a firm understanding of the law in this area. If you feel like your rights have been violated, there may be legal remedies that you can pursue.