The Benefits of Patent Protection
You have worked very hard for your intellectual property. You have invested time and money in developing it, and now you want to reap the benefits of it. However, if you do not take steps to protect it, others may use it for their own benefits. As an individual or business owner, you must do everything that you can to secure your intellectual property. These steps can include:
- Trademarks – protects words, phrases, symbols, or designs
- Patents – covers an invention, such as a product or process
- Copyrights – Protects and gives distribution rights to a composition
Chances are that you will need one or more of these for your intellectual property. These give you the exclusive right to your IP. If someone else tries to use your invention or composition, you can sue to stop them and obtain damages. These protections are what give business owners the incentive to invest in building and developing new ideas.
You Have Exclusive Use of Your Invention
When you protect a patent, others cannot copy or use your invention for their own benefit. This protection lasts for 15 to 20 years, depending on the type of patent that you get. In addition, patents can be a draw for investors when you are looking to get capital for your company. They see that you have tangible assets and ways to make money.
Patents can also improve your profit margins. When someone else cannot sell the same product, you have less competition and more power to set prices. Competition usually leads businesses to cut prices to win market share.
Call an Orlando Patent Attorney
A patent attorney can help you make decisions about whether to apply and guide you through the process. Call the Daniel Law Offices today at 866.377.2836 or contact us online to learn more about protecting your intellectual property.