If your company is looking for ways to gain industry credibility, consider how patents can make your company stable. Patents are proven to be of great benefit to small companies, large firms, and individual entrepreneurs. Patents are linked with stronger performing companies and higher levels of employee satisfaction. Both factors contribute to a more stable company.
One of the strongest qualifiers for credibility is a company who has patented technologies. This helps a business to stand out among competitors as being the sole producer of an in-demand product. There is a peace of mind to investors, as well as consumers, when doing business with an institution that has invented, developed, or created something. It speaks of capability, ingenuity and brilliance. By patenting, it shows that a company sees great value in their efforts. Patenting and licensing is an effective strategy companies can engage in to shape their business into a model that will attract future partners and customers.
Employee Satisfaction Through Patents
One thing that can create instability within a company that relies heavily upon intellectual innovation is loss of talent. Not only does a company have to undergo the process of recruiting new, qualified talent to replace their loss, but there is also the threat that lost talent will find employment with a competitor. Patents are crucial to increase employee satisfaction which results in lower turnover. U.S. Patent and Trademark Office research indicates that the use of patents creates greater advancement opportunities, reduces conflicts and disputes, and fosters a spirit of teamwork that results in employees who are more likely to remain long-term with a company.
A patent is also a means for an employer to recognize the intellectual contribution of individuals or project development teams. It is a way to reward the contribution of employees, encouraging more creativity and innovation. This is how inspiration is driven to discover new ways of doing things. The brightest minds are matched with the resources of a company so that their potential can come to fruition.
Patent Benefits Abound
In addition to creating stability for companies, patents offer any number of other benefits:
- Invention theft protection
- Higher sale prices can be demanded thus improving profit margins
- Reduces competition