Patent registration grants exclusivity to the inventor for the particular invention and for a fixed period. A patent is deemed to be dated as of the date on which application in respect of that patent was made to the patent office. Patent registration has its advantages, the foremost being that you own the invention. The other benefits flowing from the ownership of a patent are:
- A patentee can build his business around the invention
- A patent acts as an asset at the time of raising capital and thereby helps in attracting investment
- A patentee may license his patent rights in order to receive royalty or compensation as an added revenue
- A patent increases the value of one’s invention and thereby fetches a higher consideration in case of sale or licensing of such invention.
- A patent grants exclusivity with respect to:
- offering for sale or selling, and
- importing the patented product
Thus, a patent registration gives a competitive advantage to the patentee over the others in the same or similar line of business.
Expanding the Scope of Patent Protection
At the time of patent registration, the choice of place and the kind of patent is of utmost importance. Patent protection must be sought based on the density of customer base and the kind of patent depends on the stage of development of the proposed patent (provisional or complete application). It is important to ensure that the patent application does not cover within its scope, anything that exists in the prior state of the art and it does not infringe any existing patent rights. Also, the strength of patent protection depends upon the description of the proposed patent. For all of this, assistance may be sought at LexOrbis IP Attorneys. With a profound technical knowledge and legal expertise, the patents team at LexOrbis aims at securing the widest patent protection for its clients. Any assistance may be sought by writing e-mails or dialing the cost-free number 080-3927-5503/05.