If you have invented something that you believe can make you money, the first thing you need to do is have it patented. This is a process in which the government will recognize that this new invention belongs to you. If anyone were to copy your invention, you will then have grounds to bring a legal action against them. There are benefits to having a patent, and the following are four of the most important.
With a patent, you can get distribution
If you decide to go into business for yourself and will be manufacturing the item, you will run into problems attempting to line up distribution without a patent. Any new product that a distributor looks at, the first question they will have is about a patent. Without a patent, businesses are less likely to move your product through sales channels because it is too easy for someone to copy your invention.
Signing up sales representation
Signing up sales representation will result in the same issue. A sales company often wants exclusive territorial rights, so they are not competing with other sales companies. But they also don't want to lose commissions from a competing product that is a copy of your invention. Patents protect your business, but they also protect an independent sales representation business too.
Licensing your invention
Sometimes the best way to make money from your invention is to simply license it to another company. They can be responsible for manufacturing, distribution and sales. However, without a patent, no company is going to sign a licensing agreement. Without the legal protection of a patent, a licensing agreement isn't worth the paper it is written on.
Selling your invention
Many inventors have made a great deal of money by selling their invention to a big company. A large business often buys their new products as well as develop their own. But few, if any, are going to make you an offer on an invention without a patent. Even if you have a working prototype, a business has nothing to purchase from you. It is the patent that a company is buying from you, and without one, they will not be interested.
Once you are convinced that you have an invention that has value, then it is also worth protecting it with a patent. You should contact a patent attorney, so that the patent process is done correctly, and your invention has all of the proper documents needed to file for your patent. Contact a business, such as Lingbeck Law Office, for more information.