The patent system is a complex and ever-evolving web of laws, regulations, court rulings, and case precedents. Even so, it’s possible to develop a successful business strategy for registering and managing patents.
A good place to start is by understanding the legal requirements that govern patent protection in your industry. In this blog post, we will outline some tips on how to build an effective business patent strategy for your specific needs, and even rely on the service of a preferred Houston patent attorney to get your strategy in order.
How do businesses use patent protection?
Patents are used to protect the intellectual property of a business that has created or discovered something. They can be registered for many things like inventions, designs, machines and processes.
The purpose is to provide exclusive rights for an inventor or company so they are free from competition in their industry (or outside it). If you invent something new within your own field, and it gains enough market interest, it’s bound to be imitated. A patent grants the owner exclusive rights to their invention for a certain period of time with the goal being that if another company does imitate it, they’ll be liable under intellectual property law.
What is the process of patent registration?
The process of registering patents is often complex and lengthy. However, there are some steps you can take to get started:
-Research your industry’s legal requirements on patents:
-Understand your invention and its value in the marketplace.
-Identify a patent professional experienced in your field to engage with you on registration matters.
-Identify a way to apply for and secure your patents legally, so that they can be enforceable worldwide.
-Consider the costs of filing for patents in different countries and regions to decide where it’s best for you or your business to file them globally.
Patents are not so easy to file for that they should be taken lightly, but if done well there is potential for great reward.
Often, businesses will turn to a patent attorney for professional advice and an organized strategy.
How do businesses develop portfolios of patents?
Many technology companies will have a registration on not just one patent, but a variety of patents, as their products & services diversify, and there is a need to protect even more unique functionalities. This calls for an organized portfolio of patents.
When considering the costs of filing for patents in different countries and regions, it is important to keep in mind that you are not just paying for one application. While patent registration & maintenance alone are decently-sized investments, you’re likely going to be investing a lot more money into this process once you start using an attorney or have someone help your business with patent strategy.
What are some of the ways that your business could protect its patents?
One way to do this is by acquiring another company with a more robust patent portfolio. The upside is you can get access to their intellectual property as well, without having to spend time and resources on developing it yourself. You can then monetize that intellectual property.
Another strategy would be for your company to file a patent infringement suit. If your patent has been registered, and you can show legally that a competitor is using infringing technology, then this could be the way to go for your business. This is how companies like Apple have been able to make billions off of patents in recent years and force other companies into royalty agreements.
The third strategy would be for your company to join forces with other companies who are also in the business of developing and producing technology. This would allow you to form a coalition that can collectively enforce patents, or even jointly file for an invention patent on an idea.
Hire a Patent Lawyer
So what strategies do you have? What do you risk by not obtaining patent registration on your inventions? Those are questions best answered by a Patent Attorney Houston, who will determine for you patents are the way to go for your company and industry. It is best to seek the advice of one who offers free consultations.