Developing a product idea and launching a new business means taking some steps to protect yourself. One of the things that many novice business owners overlook after designing a product is the legal protection for that design. Patent protection is important for preserving your financial investment and your intellectual property. Here are a few things that you should know about patent applications and protection before you move forward with your business idea.
Protecting your design with a patent may make your company more attractive to investors.
Unfortunately, many business owners hesitate to file the application out of concern that it might limit investor interest because it restricts your ability to change the design once it's patented. The truth is that many investors see patent applications as a show of confidence and faith in your product.
Applying for a patent doesn't necessarily mean facing litigation issues.
You might think that applying for a patent means opening the door to an increased risk of infringement issues. For example, if there are any patented products on the market with similar features, you might find that you are the target of an infringement suit for the similarity. While this is possible, filing for a patent isn't a guarantee that you're going to have these problems.
Working with a registered patent agent will help you to avoid this because the patent agent can do a thorough investigation into similarities. In addition, the agent can help you draft full details of the use of the product and the design. These details will be the key to setting your product apart from anything similar, which will help you avoid the assumption of infringement.
You should apply for a patent even if you don't think there's any competition.
Some business owners skip the patent application process because they assume that there's nothing to worry about. Just because you don't have any direct competition in your marketplace right now doesn't mean that you won't have any competition in the future. Not to mention, there may be businesses that can accomplish the same task even if they aren't in the exact same industry. Protecting your ideas is essential not only for those competitors that you know about but also the ones that you don't.
The information presented here is key to helping you understand why you need patents for your products. Talk with a registered patent agent today, like RB Consulting, Inc., to find out about the application process required for your products.