What is a patent?
A patent is a form of intellectual property. Patents are filed by an innovator (the owner of an invention). A patent provides innovators with legal rights that protect their ideas.
A patent has three key benefits for your business:
It gives you the legal right to exclude others from making, using, selling, and importing your patented invention for a period of time. Therefore, a patent can make your business outlook more stable.
It increases your company’s valuation. Investors want to invest in ideas with minimal risk. Startups with patented ideas are more likely to not only receive funding, but to also receive an increased level of investment.
It boosts your overall business performance. Patents incentivize research and development around your product. They also provide stability for your company, which in turn boosts your sales, employee retention and much more.
However, not every idea is patentable. If you want to learn more about how to file for a patent, click here.