Benefits of patent protection

There can be benefits to patent-protecting your invention. Some of the benefits are already achieved when you file an application, others are achieved only when the patent is published.

The benefits of filing a patent application:

  • A patent application is a documentation of your invention, and consequently you will not need secrecy agreements for the content of the patent application when you are negotiating with business partners.
  • The application documents the point in time when the invention was made, which means it is damaging to the novelty of subsequent applications, and can thereby prevent others from protecting an identical technology.
  • Filing a patent application gives you "freedom to operate", i.e. it will prevent others from obtaining a patent for the same invention, provided that the application is fully processed and the patent is granted.
  • The application can be a negotiating asset in collaborations with other companies.
  • The application may be a financing asset for the bank and other co-financing sources
  • An application signals that the company is at the technological forefront, which can be used in a PR context.

Benefits after the patent is granted

  • A patent is an exclusive right to exploit an invention commercially. This means that if you have a patent, it is only you, who may produce, sell or import the invention. It can provide you with important competitive advantages, because if you have a patent for an invention, it is you who determines who may exploit the invention commercially.
  • The Patent can give you licensing revenues, which can be a way for your idea to increase your earnings Even if you do not have the possibility of using the patent or do not want to use the patent, it can still generate earnings through sales and licensing.