Why Business Owners Often File for Utility Patents

Business

As intellectual property is devoid of any physical form, it is quite difficult to protect it. Although an idea cannot be protected by law but the by-product of that idea can be protected. Utility patent is filed for protecting your own chemical formulas, a machine that you have invented or a process that you have innovated. If you do not protect your intellectual property, it can be misused, damaged or relinquished. This is the reason why small business owners and entrepreneurs should protect their intellectual property with a utility patent.

The Benefits of Utility Patent:

Nowadays, most of the young entrepreneurs and business owners are opting for patents to protect their intellectual property. A patent is given to the inventor who has actualized the idea and not to a company. Here are the benefits of filing a utility patent.

A utility patent can protect your invention and allows you to stop others from re-creating selling or using your invention without your permission. A patent is an asset that becomes more valuable over time. A patent ensures that you get this protection for a pre-determined period. For example, in United States, a patent protection lasts up to 20 years from the date of filing the patent. So, for this long period, you can assure that no one else will be using, making, selling or importing your creation. Thus, you will have no competitors. To generate revenue, you can license your patent so that others can use it or sell it. Some businesses do thrive on licensed patents and collected royalties from it.

Conditions to Meet for a Utility Patent:

Now, to apply for a patent, every business owner must meet few conditions. Check out what these are.

1) The invention that you are filing the patent for must be fresh and must possess some characteristics which are not available in that field of technology. 2) The invented object must also be “non-obvious” so that a person with an average skill working in that area cannot deduce its functionality.3) Your invention must be useful for an industry or business purpose. It should not only be a theoretical phenomenon.4) Your invention must be presented in an application in a manner so that any ordinary person in the same technical field can replicate it.

If your product fulfills all the above criteria, you can apply for a utility patent. Once your patent is granted, you will be the sole owner of your intellectual property and you have the right to prosecute those who will sell, misuse or recreate your invention.

How Patent Attorney Can Help You File a Patent?

You can create your own patent application and file a patent without the help of an attorney. But making the patent documents can be complex and for drafting the claim properly you will need the help of patent attorneys like NK Patent Law. Here you will find several useful advices regarding patent, intellectual property and trademarks. Therefore, it is advisable that you should seek aid from a patent law firm with an experienced team.