Any company that has patents could be worth a lot. They can be used to create new & innovative sources of revenue and income for the company. To remain profitable,patents need to be managed well. This post will outline some of the best practices for patent management,including how patents can become an efficient profit center for your business — especially with the help of a -!
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What does patent law mean and how do businesses use it?
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Patent law is the body of laws and regulations that govern patents. Inventors with patents have the exclusive right to make,sell,and license their inventions. They are a valuable asset for any company because they protect business methods & unique product mechanisms from competition,offer an additional revenue stream through licensing deals,and can be used to guide future research efforts. However,patents need to be managed efficiently,so your business`s products don`t become worthless due to lack of attention to the documents that protect them.
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In the United States,patents are registered through the U.S. Patent and Trademark Office (USPTO).
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Make Your Patents into Business Asset
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Saving costs with the help of a patent lawyer at - is one of the ways you can give your inventions a bigger return on investment; another is
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In the long run,the savings in cost will be worth it if you decide to work with a patent attorney. By getting it right the first time,you`ll avoid the onslaught of needless expenses that come from patent application rejections.
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To increase revenue,your invention can be covered by not just one patent; they can be covered by an entire portfolio of patents. Inventions with patent portfolios are often protected by both of the 2 main types of patents: design patents (aesthetics),and utility patents (functions and mechanisms).
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If you have a patent portfolio,the law allows you to better utilize your advantage over the competition,which can push you ahead in saturated markets.
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Apple uses and enforces a distinct patent portfolio or patent system for each of their products,due to the intricate technology that makes their products uniquely classy. This grants them greater power in battles against patent infringement,so that unauthorized imitators won`t get away with it.
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Some patents can also be used strategically for marketing purposes,as some patents may have a much more desirable effect than others in terms of the long-term profit potential they offer you and your company.
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Patent Licensing Revenues
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Another way to make your patent make money is through licensing. You can generate income off others` legal use of the patent while still having full rights over it.
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Licensing patents will allow you to leverage other people`s R&D investments and give them access to products or methods that may have taken years or even decades for them to develop themselves. Also,when it comes time to bring your product to market,you`ll have less competitors! You`ve already tried hard enough to compete with your competition,so how about collaborating with them instead?
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Patents turn into profitable assets when you sell them outright rather than try and recoup the investment in patents.
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Generally,inventors can have a protected patent for no more than 20 years from the date granted,including a few mandatory maintenance fees. For successful patent registration,inventors must disclose the details of their invention to the public as soon as it becomes available.
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Patents are used primarily at the end stage when you`re ready to start marketing your product/service. New patent applicants must consult a patent attorney so they are best prepared for success,as - elaborately outlines.