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What is Patent Filing?
A right granted by the government to an individual or enterprise which excludes others from making, using, selling, or importing the patented product or process without prior approval is known as a ‘Patent’
Filing a patent is a must if an inventor wishes to protect their invention from being misused. In India registering a patent can be a complicated and tiring process if not for the correct legal guidance, with the right legal guidance, it can be done easily. You should make sure that you consult an expert patent practitioner before you move to file your patent.
Importance of Patent Filing
Filing a patent restricts competition from copying, selling or importing the Intellectual Property without the permission of its rightful owners.
In order to become an exclusive owner of an invention or idea you need to file a patent and get it granted from the government. Patents are a form of encouragement for innovations and inventions.
Patented products improve brand perception and enable businesses to charge a premium for similar services.
Just like any other property patents can be sold and licensed, patents can also be transferred from one individual to another.
The patent owner controls the use of the patent for twenty years or longer with exclusive patent rights.
Who Needs To File A Patent?
Any individual or organization that aims at protecting, owning and monetizing an invention or an idea should file a patent. An invention can be classified as a new product or a new process.
Mediums Of Earning via Patents
Once you have attained a patent for your product in India, you could license it or sell it to earn money. Patents are intangible assets which are capitalised on the balance sheet with a useful life, hence it could be used as a tool to generate some cash flow.
Licensing a Patent:
The most widely utilised strategy especially with companies that attain a patten for their highly innovative product is Licensing it to a large player in the respective field. Many entrepreneurs choose to License their Patent because it requires a large amount of capital for branding, marketing and scaling the business which may not be easily available. Hence, by licensing it they would receive a royalty for every product sold. The rights of the patent will be in control of the patent holder itself. This helps innovators to be incentivised for their invention without having to compete with the large corporations for market share.